Ellie Mae: Low interest rate environment sends refinance activity soaring in August

Ellie Mae’s latest Origination Insight report shows that for August, the 30-year note rate dropped for the eighth consecutive month, spurring an increase in the percentage of refinances. According to the report, refinances accounted for 43% of loans during August. Ellie Mae President and CEO Jonathan Corr said the company is seeing more and more homeowners capitalize on the refinance opportunity.