Ellie Mae [1] released its Origination Insight Report [2] for May, analyzing data from over 3.5 million loan applications that ran through Ellie Mae's Encompass mortgage management solution. The company found that refinances declined slightly for the month to 33 percent of all loans, down from 37 percent in the previous month.

Year-over-year, refinances declined as well from May 2013's percentage of 58 percent.

FHA loans in the month of May constituted 22 percent of all loans, with conventional loans making up 64 percent of the total amount. VA loans posted at 9 percent, with loans listed as "other" rounding out the remaining loans with 5 percent of the total share.

Ellie Mae reported that the average time to close a loan in May was 40 days, up slightly from the 39 days loans took to close in April. "VA purchase loans closed in an average of 41 days in May while carrying an average FICO score of 711 and a debt-to-income ratio of 24:39," the report said.

The average mortgage rate for a closed 30-year loan decreased to 4.53 percent, the lowest rate since November 2013. The average 30-year rate on all FHA loans in May 2014 was 4.38 percent, the lowest rate of the year thus far.

The profile of closed loans remained roughly the same—the average FICO score for successfully closed loans was 727, nearly identical to April's figure of 726. The loan-to-value ratio remained the same as it has been since the beginning of the year at 82 percent, with a debt to income ratio of 24:37.

In May 2014, 32 percent of closed loans had an average FICO score under 700, compared to 27 percent of loans in May 2013. The average credit score for denied applications was 689.