The proportion of mortgages made to borrowers purchasing property versus refinancing existing loans jumped 6% in May 2015, but still lagged compared to where it had been in May 2014, according to mortgage software firm Ellie Mae.
The company's Origination Insight Report for May 2015 revealed 58% of mortgages originated by lenders using its Encompass mortgage origination platform went to borrowers buying property, while 42% went to borrowers refinancing previously existing loans.
This compared favorably with April's percentage (52%) and the percentage from November 2014 (54%), but lagged compared to the percentage from May 2014 (66%).
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