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Press Release

June Ellie Mae Origination Insight Report Data Shows Purchase Market Rebounding as Interest Rates Continue to Decline

PLEASANTON, Calif. – July 15, 2020 – Interest rates on all closed loans continued to decline in June to 3.40 percent, down from 3.43 percent in May, 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 3.42 percent, down from 3.44 percent in May. Similarly, the 30-year rate on FHA loans fell to 3.41 percent in June, down from 3.45 percent in May. The 30-year rate on VA loans dropped to 3.20 percent in June, down from 3.24 percent in May.

The purchase market began to rebound in June, accounting for 42 percent of all closed loans in the month, up from 35 percent the month prior. Refinances accounted for the remaining 58 percent of closed loans, down from 65 percent in May.

Other statistics of note in June included:

  • The time to close all loans increased to 47 days, up from 45 the month prior. Time to close for purchase loans decreased to 46 days, down from 47 the month prior, while time to close refinances increased to 48 days, up from 44 days the month prior.
  • FICO scores on all loans increased to 751 in June, up from 750 in May. FICO scores also increased month-over-month for both purchase and refinances across Conventional, FHA and VA loans.
  • Closing rates dropped to 73.4% in June, down from 76.0% in May.

"Interest rates decreased for the sixth consecutive month and we’re seeing a rebound in the purchase market which now represents 42 percent of all closed loans, a seven percent increase from May,” said Jonathan Corr, President and CEO of Ellie Mae. “Homebuyers are taking advantage of these historically low rates to both buy and refinance but it does appear that lenders are looking for borrowers with better credit across all mortgage products as FICO scores have continued to increase across the board since March.”

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. 2019*)
1 Year Ago
(June 2019*)
Closed Loans
Refinance 58% 65% 46% 31%
Purchase 42% 35% 54% 69%
FHA 10% 9% 17% 18%
Conventional 80% 82% 70% 68%
VA 7% 6% 9% 10%
Days to Close
All 47 45 48 42
Refinance 48 44 45 38
Purchase 46 47 51 45
Percentage of ARM and Fixed Loan Volume
ARM % 3.5% 3.8% 5.5% 6.3%
30-Year Rate
Average 3.40% 3.43% 3.99% 4.40%

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

  Closed First-Lien Loans (All Types)
FICO Score (FICO) 751
Loan-to-Value (LTV) 73
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 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 2020 applications—to calculate an overall closing rate of 73.4 percent in June 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 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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© 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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