Refinancings as a portion of the total origination market rose slightly from August to September, according to Ellie Mae.
Refis made up 42% of overall loan volume in September, up from 37% in August, Ellie Mae said in its Origination Insight Report. Purchases fell to 57% of overall loan volume.
The average FICO credit score on all closed loans fell to 723, the lowest level since August 2011.
The average 30-year rate fell to 4.28% in September from 4.31%.
The time to close on all loans fell to 46 days from 47 days.
