BY JANN SWANSON
A 16-basis point drop to 5.01 percent in the average rate for 30-year
fixed-rate mortgages was given only partial credit for a sizable
uptick in the refinancing share of originations in January. Ellie
Mae’s Origination Insight Report for the month shows the refinancing
share of originations jumped to 35 percent from 29 percent in
December. The share of FHA loans that were for refinancing rose 3
percentage points to 21 percent and Conventional refinances rose from 31 percent to 35 percent.

Closing Rate, Refinance Share Rose in January