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Press Release

30-Year Note Rate Continues to Decline According to June Origination Insight Report Closing Rates Rise to Highest Level Since Ellie Mae Began Tracking Data

PLEASANTON, Calif. – July 17, 2019 – According to the June Origination Insight Report from Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, the 30-year note rate dropped for the sixth straight month to 4.40 percent, down from 4.52 percent in May. The 30-year note rate for FHA loans decreased to 4.49 percent, down from 4.63 percent the month prior and the 30-year note rate on Conventional loans decreased to 4.41 percent, down from 4.52 percent. The 30-year note rate on VA loans also dropped to 4.20 percent in June, down from 4.31 percent the month prior.

Closing rates hit historic highs in June with the closing rate on all loans at 76.8 percent in June, up from 75.6 percent the month prior. Closing rates on purchase loans hit 78.8 percent while closing rates on refinances was 73.4 percent.

Other statistics of note in June included:

  • The percentage of refinances decreased to 31 percent while purchases made up 69 percent of total closed loans.
  • The percentage of Adjustable Rate Mortgages (ARMs) decreased to 6.3 percent, down from 6.7 percent in May.
  • Average FICO scores rose slightly to 731, up from 728 the month prior.

“As the 30-year note rate continues to decline, we are seeing robust purchase and refinance activity,” said Jonathan Corr, President and CEO of Ellie Mae. “Closing rates have hit the highest percentage since we began tracking data in 2011 and even with heavy summer activity, Ellie Mae’s customers are still seeing their times to close loans remain well below the industry average.”

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
(Dec. 2018*)
1 Year Ago
(Jun. 2018*)
Closed Loans
Refinance 31% 32% 29% 29%
Purchase 69% 68% 71% 71%
FHA 18% 19% 20% 20%
Conventional 68% 66% 64% 66%
VA 10% 10% 11% 10%
Days to Close
All 42 42 47 42
Refinance 38 37 44 37
Purchase 45 44 47 44
Percentage of ARM and Fixed Loan Volume
ARM % 6.3% 6.7% 9.2% 6.9%
30-Year Rate
Average 4.40% 4.52% 5.17% 4.90%

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

  Closed First-Lien Loans (All Types)
FICO Score (FICO) 731
Loan-to-Value (LTV) 80
Debt-to-Income (DTI) 25/38

More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.

To get a meaningful view of lender pull-through, Ellie Mae reviewed a sampling of loan applications initiated 90 days prior—or the March 2019 applications—to calculate an overall closing rate of 76.8 percent in June 2019 (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 EllieMae.com or call 877.355.4362 to learn more.


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

Caitlin Coffee
(312) 635-8204

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© 2019 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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