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April Origination Insight Report from Ellie Mae Shows 30-Year Note Rate Continues to Decline; Time to Close Drops
[May 15, 2019]

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

According to the April 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 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 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.



    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 (News - Alert) 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 (News - Alert))   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.

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