November 17, 2024 3:59 am
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Low interest rates drive refinances to six-month high

Screen Shot 2014-11-21 at 9.00.05 AMBy Ben Lane | HousingWire

The consistently low interest rates of the last few months have driven an increase in mortgage refinances, according to the latest Origination Insight Report from Ellie Mae.

For the month of October, refinances made up 40% of the total mortgage originations, which marked a six-month high. That’s up from 36% in September. The share of refinances was as low as 32% in July.

October’s jump in refinances reverses a trend that saw the share of refinances fall throughout 2014. In January, for example, the share of refinances was 47%.

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