A monthly gain in refinance activity coupled with a decrease in rates last month, according to data from Ellie Mae. However, loan turnaround times as a whole remained static.

Ellie Mae said in its Origination Insight Report that refinances grew to 37% of all closed loans in July, up from 34% the month before. Purchases dipped from their 65% high in June to 62% of all closed loans.

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