Press release

April Origination Insight Report from Ellie Mae Shows 30-Year Note Rate Continues to Decline; Time to Close Drops

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According to the April Origination
Insight Report
from Ellie
®, the leading cloud-based platform provider for the
mortgage finance industry, the 30-year note rate dropped for the fourth
straight month to 4.61%, down from 4.77% in March and the high of 5.01%
in January. Additionally, the time to close all loans dropped two days
to 40 days, down from 42 in March. Time to close a refinance dropped one
day to 33 days and time to close a purchase dropped two days to 43 days.

“We are seeing closing times drop across the board as our lenders
leverage technology for a more efficient and streamlined loan
origination process,” said Jonathan Corr, president and CEO of Ellie
Mae. “And as the 30-year note rate continues to decline and closing
rates remain high, we expect to see an active spring home buying cycle.”

Other statistics of note in April included:

  • The percentage of refinances held at 35% while purchases made up 65%
    of total closed loans.
  • The percentage of Adjustable Rate Mortgages (ARMs) decreased to 6.8%,
    down from 7.4% in March.
  • Closing rates dropped slightly to 74.8%, down from 75.3% in March.

The Origination Insight Report mines data from a robust sampling
of approximately 80% 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
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.



    Apr. 2019*   Mar. 2019*   6 Months Ago

(Oct. 2018*)

  1 Year Ago

(Apr. 2018*)

Closed Loans
Refinance   35%   35%   32%   34%
Purchase   65%   65%   68%   66%
FHA   20%   20%   19%   20%
Conventional   66%   64%   65%   66%
VA   10%   11%   10%   9%
Days to Close
All   40   42   45   41
Refinance   33   34   43   37
Purchase   43   45   46   42
Percentage of ARM and Fixed Loan Volume
ARM %   6.8%   7.4%   8.2%   6.6%
30-Year Rate
Average   4.61%   4.77%   5.01%   4.79%

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



    Closed First-Lien Loans
(All Types)
FICO Score (FICO)   728
Loan-to-Value (LTV)   79
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

To get a meaningful view of lender pull-through, Ellie Mae reviewed a
sampling of loan applications initiated 90 days prior—or the January
2019 applications—to calculate an overall closing rate of 74.8% in April
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. 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, lower origination costs, and reduce the time to
close, all while ensuring the highest levels of compliance, quality, and
efficiency. Visit
or call (877) 355-4362 to learn more.

© 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.