Ellie Mae released its latest Origination Insight Report on Thursday and revealed that “home buying season is in full swing.”
According to the newest data from May, purchase volume took a 58 percent share of all mortgage originations, which was up from 52 percent in April.
Of note, however, is that May’s share fell far below the 66 percent share seen in May 2014, which Ellie Mae president and CEO Jonathan Corr attributes to the lower mortgage rates leading to higher refinancing volumes.
Image via flickr/Mark Moz
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