Refinancing volume rose for the fourth consecutive month in November, according to a report published Wednesday by Ellie Mae.
The Pleasanton, Calif.-based mortgage data company said that refinances as a share of overall originations were 45% in November in line with last year’s share of refinances, and five percentage points higher than the previous month.
“Winter is normally a slow time for housing sales, yet the increase in refinancing volume is protecting many lenders from the cold,” said Jonathan Corr, Ellie Mae’s president and chief operating officer, in a Dec. 17 press release.
Additionally, Ellie Mae said that the average rate for 30-year mortgages dipped 20 basis points compared to last year, to 4.3%.
Credit requirements were roughly the same as a year earlier, with 31% of borrowers reporting a credit score of under 700, according to the report.