The 30-year note rate on closed mortgages fell to 3.93 percent in September, down from 4.07 percent in August, and along with the decline, the ninth in as many months, the share of refinances crept close to half of all the month's originations. Ellie Mae's September Origination Insight Report said the refinances rose 6 percentage points to a 49 percent share. Purchase loans thus accounted for the lowest portion of closed loans since March 2015. It was the first month that conventional loans were dominated by refinancing. It accounted for 55 percent of the total as purchases dropped to 35 percent. Refinances made up 28 percent of FHA transactions, up from 27 percent, and the refinance share of VA loans rose 3 points to 37 percent.