Press Release

May Ellie Mae Origination Insight Report Data Shows Steady Refinance Market as Interest Rates Continue to Decline

PLEASANTON, Calif. – June 17, 2020 – Interest rates on all closed loans continued to decline in May to 3.43 percent, down from 3.48 percent in April, according to the latest Origination Insight Report from Ellie Mae®, the leading cloud-based loan origination platform provider for the mortgage industry.

The 30-year rate on conventional loans fell again, dropping to 3.44 percent, down from 3.48 percent in April. Similarly, the 30-year rate on FHA loans fell to 3.45 percent in May, down from 3.56 percent in April. The 30-year rate on VA loans dropped to 3.24 percent in May, down from 3.31 percent in April. As rates dropped, the percentage of refinances held steady at 65 percent of closed loans in May.

Other statistics of note in May included:

  • The time to close all loans increased to 45 days in May, up from 42 days in April.
  • FICO scores on all loans increased to 750 in May, up from 749 in April driven by Conventional refinances.
  • Closing rates dropped to 76% down from 76.5% in April and 78% in March.

“Interest rates continued to decline in May, but we are seeing signs of refinances leveling out as the percentage of closed refinances held at 65 percent for the second month,” said Jonathan Corr, President and CEO of Ellie Mae. “As we enter the summer months that typically bring a busier purchase market, we will watch to see if the numbers shift further as homebuyers continue to take advantage of low rates and a loosening of inventory after a tight March and April driven by the shelter in place.”

The Origination Insight Report mines data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass® all-in-one mortgage management solution. Ellie Mae believes the Origination Insight Report is a strong proxy of the underwriting standards employed by lenders across the country.

In addition to the Origination Insight Report, Ellie Mae also distributes data from its monthly Ellie Mae Millennial Tracker on the first Wednesday of each month. The Ellie Mae Millennial Tracker focuses on mortgage applications submitted by borrowers born between the years 1980 and 1999.


6 Months Ago
(Nov. 2019*)
1 Year Ago
(May. 2019*)
Closed Loans
Refinance 65% 65% 49% 32%
Purchase 35% 35% 51% 68%
FHA 9% 10% 16% 19%
Conventional 82% 81% 71% 66%
VA 6% 6% 9% 10%
Days to Close
All 45 42 45 42
Refinance 44 39 43 34
Purchase 47 46 47 44
Percentage of ARM and Fixed Loan Volume
ARM % 3.8% 3.9% 5.3% 6.7%
30-Year Rate
Average 3.43% 3.48% 3.97% 4.52%

*All references to months should be read as month ended.

  Closed First-Lien Loans (All Types)
FICO Score (FICO) 750
Loan-to-Value (LTV) 74
Debt-to-Income (DTI) 23/35

More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at

To get a meaningful view of lender pull-through, Ellie Mae reviewed a sampling of loan applications initiated 90 days prior—or the February 2020 applications—to calculate an overall closing rate of 76.0 percent in May 2020 (see full report).

About the Ellie Mae Origination Insight Report

The Origination Insight Report focuses on loans that closed in a specific month and compares their characteristics to similar loans that closed three and six months earlier. The closing rate is calculated on a 90-day cycle rather than on a monthly basis because most loan applications typically take one-and-a-half to two months from application to closing. Loans that do not close could still be active applications or applications withdrawn by consumers or denied for incompleteness or non-qualification.

The Origination Insight Report details aggregated anonymized data pulled from Ellie Mae’s Encompass origination platform.

News organizations have the right to reuse this data, provided that Ellie Mae, Inc. is credited as the source.

About Ellie Mae

Ellie Mae is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit or call 877.355.4362 to learn more.


Erica Bigley
Ellie Mae, Inc.
(925) 227-5913

Caitlin Coffee
(312) 635-8204

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© 2020 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, Mavent®, Velocify®, the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.

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