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Conventional Loans Stealing Market Share

Friday, July 10, 2020   /   by Erik Bjorklund

Conventional Loans Stealing Market Share

The dominance of conventional
lending continued to grow in May. Ellie Mae's Origination Insight Report
says those loans made up 82 percent of originations during the month, up from
81 percent in April and 70 percent at the end of 2019.
The FHA share has shrunk
from 17 percent to 9 percent over that period and VA loans had a 6 percent
share, down from 9 percent. The company's reports that the interest rate on all
loans closed in May averaged 3.43 percent, down from 3.48 percent in April. The
conventional 30-year rate averaged 3.44 percent, down 4 basis points, and the FHA
and VA rates dropped 9 basis points and 7 basis points to 3.45 percent and 3.24
percent, respectively. As
rates dropped, the percentage of refinances held steady at 65 percent of closed
loans in May.
The VA share of purchase loans, however, jumped from 69 to 75
percent.


 

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