Refinancing held on to a 35 percent share of mortgage originations in April according to the Origination Insight Report from Ellie Mae as the 30-year note rate dropped for the fourth consecutive month.  The rate was at its highest so far at 5.01 percent in January.  The April average was 4.61 percent. The share of refinancing was little changed from March for any of the loan types and ranged from 38 percent for conventional loans to 23 percent for those backed by FHA. The time to close loans continues to shrink, dropping two days to 40.  Time to close a refinance was 33 days, down from 34 in March and 43 compared to 45 for purchase loans.

 

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