Press Release

October Ellie Mae Origination Insight Report Data Shows Interest Rates Dip Below Three Percent; Refinances Reach 60 Percent of Total Closed Loans

PLEASANTON, Calif. – Nov. 18, 2020 – Interest rates dropped below three percent for the first time since Ellie Mae began tracking this data in 2011, hitting 2.99 percent in October, down from 3 percent on all loans the month prior. This is according to the latest Origination Insight Report from Ellie Mae®, the leading cloud-based loan origination platform provider for the mortgage industry and now ICE Mortgage Technology, a division of Intercontinental Exchange, Inc. (NYSE: ICE). The 30-year note rate for VA loans dropped to 2.75 percent, down from 2.78 in September, putting it well below the 3.00 percent mark. The 30-year rate on FHA loans held steady at 3.01 percent for the second month while Conventional rates dropped to 3.01 percent, down from 3.02 percent the month prior.

Refinances continued to rise, reaching 60 percent of total closed loans in the month, well above the 2019 high of 51 percent that also occurred in October. Purchase loans dropped to 40 percent of all closed loans in the month down two percentage points from the month prior. Conventional loans ticked back up in October, representing 82 percent of all closed loans in the month, up from 80 percent in September.

Other statistics of note in October included:

  • The time to close all loans increased to 54 days in October, up from 51 days in September. Time to close for purchase loans increased to 48 days in October, up from 47 days in September. Time to close for refinances increased to 57 days in October, up from 54 days in September. 
  • The FICO score average for all loans held for the second straight month at 753.
  • Closing rates decreased slightly to 76.7 in October, down from 77.1 in September.  

“We are continuing to see interest rates decline now dipping below three percent for the first time since we have tracked this data,” said Joe Tyrrell, president, ICE Mortgage Technology. “The market clearly remains ripe for refinances as 60 percent of all closed loans are refis this month, indicating that homeowners are still looking to capitalize on the opportunity to reduce their monthly payments.”

Tyrrell continued, “FICO scores remain high and conventional loans represent 82 percent of all closed loans this month. Homeowners should continue to educate themselves on the various available products to determine what best fits their needs. We will watch to see how the data shifts as we continue into the fall and the global pandemic and election impact the economic outlook.”

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. 

Ellie Mae also offers Ellie Mae Insights™, the only analytics solution in the market that provides peer benchmarking comparison analysis in near real time. Ellie Mae Insights analyzes key metrics such as efficiency levels, operational costs, rates and market penetration, demographic data and pull through rates to help lenders of all sizes to make informed decisions.

6 Months Ago
(April 2019*)
1 Year Ago
(October 2019*)
Closed Loans
Refinance 60% 58% 65% 51%
Purchase 40% 42% 35% 49%
FHA 10% 10% 10% 16%
Conventional 82% 80% 81% 73%
VA 5% 6% 6% 8%
Days to Close
All 54 51 42 44
Refinance 57 54 39 39
Purchase 48 47 46 47
Percentage of ARM and Fixed Loan Volume
ARM % 2.4% 2.5% 3.8% 5.0%
30-Year Rate
Average 2.99% 3.00% 3.48% 3.94%

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

  Closed First-Lien Loans (All Types)
FICO Score (FICO) 753
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

To get a meaningful view of lender pull-through, Ellie Mae reviewed a sampling of loan applications initiated 90 days prior—or the June 2020 applications—to calculate an overall closing rate of 76.7 percent in October 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. 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, de-identified 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, now a part of ICE Mortgage Technology, a division of Intercontinental Exchange, Inc. (NYSE: ICE), is the leading cloud-based loan origination platform provider for the mortgage 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.


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®, Capsilon®, 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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