The number of mortgages refinanced grew by four percentage points in October from September, according to an Ellie Mae report.
The Pleasanton, Calif.-based mortgage software company said refi production volume hit its highest level in six months, making up 40% of all loan originated.
Ellie Mae’s data came from a sampling of 57% of mortgage applications made through the company’s Encompass origination software.
“Refinancing activity in October was at the highest level since March of this year, thanks largely to the current interest rate environment,” Jonathan Corr, president and chief operating officer of Ellie Mae, said in a press release.
Ellie Mae also reports that the average rate for a 30-year mortgage loan fell to 4.371%, its lowest point since July 2013.