It hasn’t exactly been a scramble, but homeowners have stepped up their refinancing activity over the last two months as they saw interest rates begin a slow but steady march higher. The February Origination Insights Report from ICE Mortgage Technology shows the refinancing share of all loans originated during the month moved 1 point higher to 68 percent. This is an 8 point increase from December’s 60 percent share. The conventional loan share of refinancing is up 7 points over the last two months. ICE says that a 68 percent refinancing share is a figure not seen since December 2012. The 30-year rate for all closed loans and conventional loans rose 1 basis point each to 2.89 percent and 2.92 percent, respectively compared to the prior month. Thirty-year rates for FHA loans held steady at 2.86 percent and VA loans were unchanged at 2.60 percent.
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