Applications for purchases increased 5% in March compared to February, as the spring home-shopping season commenced, according to Ellie Mae' s Origination Insight Report.
Purchases represented 46% of lenders' overall volume in March, up from 41% in February, while refinances represented 53% of volume, down from 59% the previous month.
The average rate for a 30-year fixed mortgage in March was 4.041%, up slightly from 4.008% in February.
Meanwhile, the closing rate for all loans climbed more than 3%, while average days to close for all loans was 44 days.
Jonathan Corr, president and CEO of Ellie Mae, says the increase in volume is likely what caused the increase in the average number of days to close.
The average FICO score on loans closed was 731.
The share of Federal Housing Administration refinances at 95% loan-to-value climbed to above 40%.
Ellie Mae's Origination Insight Report is based on data derived from about 66% of the loan volume flowing through its mortgage origination platform.