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Press Release

Interest Rates Rise for First Time in 2019 According to November Ellie Mae Origination Insight Report

PLEASANTON, Calif. – Dec. 18, 2019 – According to the November Origination Insight Report from Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, interest rates rose slightly for the first time in 2019, increasing to 3.97 percent, up from 3.94 percent in October. The percentage of adjustable rate mortgages also increased for the first time in 2019, rising from 5.0 percent in October to 5.3 percent in November. The percentage of refinances dropped back below 50 percent, falling from 51 percent in October to 49 percent in November.

Other statistics of note in November included:

  • The time to close all loans rose slightly to 45 days in November, up from 44 days in October. The time to close refinances increased to 43 days, up from 42 days the month prior and the time to close purchases held at 47 days for the second consecutive month.
  • Closing rates on all loans rose to the highest percentage in 2019 at 78.6 percent. Closing rates on refinances increased to 77.1 percent while closing rates on purchase loans held at 80.6 for the second month.

“Interest rates rose for the first time in 2019, and as expected we are seeing the percentage of adjustable rate mortgages rise and the percentage of refinances taper off,” said Jonathan Corr, President and CEO of Ellie Mae. “Simultaneously, closing rates have reached the highest point in 2019 at 78.6 percent. We will watch to determine the impacts of holiday seasonality on the homebuying market as we close out 2019.”

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
(May. 2019*)
1 Year Ago
(Nov. 2018*)
Closed Loans
Refinance 49% 51% 33% 30%
Purchase 51% 49% 68% 70%
FHA 16% 16% 19% 19%
Conventional 71% 73% 66% 65%
VA 8% 9% 10% 10%
Days to Close
All 45 44 42 46
Refinance 43 42 37 43
Purchase 47 47 44 48
Percentage of ARM and Fixed Loan Volume
ARM % 5.3% 5.0% 6.7% 8.9%
30-Year Rate
Average 3.97% 3.94% 4.52% 5.15%

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

  Closed First-Lien Loans (All Types)
FICO Score (FICO) 736
Loan-to-Value (LTV) 77
Debt-to-Income (DTI) 24/37

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 July 2019 applications—to calculate an overall closing rate of 78.1 percent in October 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 Bigley
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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