Question-and-Answer Session
Operator
(Operator Instructions). Our first question comes from the line of Mark DeVries of Barclays Capital. Please go ahead.
Mark DeVries - Barclays Capital
Thanks. Seem to be a lot of moving parts that impact average fee per file, could you just talk about how the shift in the mix which presumably is going to be geared towards more refine in the fourth quarter. Any kind of seasonal strength in commercials, and kind of the rolling impact of your rate increases might weigh on, or impact the fourth quarter average fee per file?
Randy Quirk
Sure, this is Randy Quirk. Let me address the mix in business. On the closing side in the third quarter we closed about 57% of our transaction, but we refinance coming down from 66% in the second quarter. That added about $200 to an average fee per file in that third quarter.
We see now a run up in the refis in the month of September and the first couple of weeks of October that may have some impact as we go in to October and November in terms the fee per file. Turning to the commercial market, as Alan said the openings were off a bit, the closes were up, the fee per file is up in that. We are having smaller, local commercial transaction versus the major sides and the multi side transactions.
Mark DeVries - Barclays Capital
Okay. Next question as you guys delever, could you talk about what flexibility if any that may provide you to return some of the capital share holders and what you would be considering at this point?
Al Stinson
Sure. I mean as we can keep on delivering, we’ve now got our liability side of our balance sheet down to something, in the order of $860, $870 million and the debt due in the 2011; the 7.3% notes are actually about $180 million.
So we’ve actually repurchased some of that debt over the last six months or so, and our goal would be to take a look at the dividend to see if we are in a position to increase the dividend, the payout ratio to our shareholders. We want to get through the next couple of quarters which traditionally are little softer, but take a good look at the dividend in the spring and then of course keep on working on the share buyback as we start building up cash reserves.
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