February Origination Insight Report from Ellie Mae Shows 30-Year Note Rate Decline; Time to Close Decreases as Percent of Purchases Tick Up
ELLIE MAE (ELLI)
Last ellie mae earnings: 2/14 08:00 am
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Source: Business Wire
PLEASANTON, Calif.--(BUSINESS WIRE)-- According to the February Origination Insight Report from Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry, the 30-year note rate continued to drop for the second straight month to 4.86 percent, down from 5.01 percent in January. This was coupled with the time to close decreasing across all loan types by two days or more. “Purchase percentages have increased following both the holiday season and the 30-year note rate decline,” said Jonathan Corr, president and CEO of Ellie Mae. “We expect this increase to continue as we enter the busier spring buying season.” Other statistics of note in February included: The percentage of purchases ticked back up to 66 percent, up from 65 percent the month prior. Refinances made up 34 percent of all closed loans. The percentage of
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