Purchase mortgage loan activity is gaining momentum as the housing market enters the peak spring buying season, according to Ellie Mae’s latest Origination Insight Report. According to the mortgage industry software provider, mortgage purchases represented 46 percent of lenders’ overall volume in March, compared with 53 percent in refinancing volume. The average 30-year fixed mortgage rate in March rose to 4.04 percent, a slight increase of 0.03 percent over February’s rate of approximately 4.01 percent. For both February and March, the percentage of 15-year fixed-rate mortgages comprised 11.1 percent of loans; adjustable-rate mortgages hovered around 4 percent during both months. In other findings, Ellie Mae said conventional mortgage originations fell slightly to 66 percent, down from 69 percent in February. Federal Housing Administration (FHA) loans got a boost, however, comprising 22 percent of all loan types closed, up from 19 percent in February. The percentage of ...
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