Refinances represented 29 percent of all closed loans for June, down one percentage point from May. Refinancing levels dropped in all loan products: FHA refinances were down to 19 percent, conventional refinances at percent and VA refinances at 23 percent.
Ellie Mae also reported that it took an average of 42 days to close all loans in June, up one day from May. The time to close refinances held at 37 days while the time to close purchases increased to 44 days, up from 43 one month earlier. Overall FICO scores increased slightly for the fourth consecutive month to 726, up two points from May.
“While inventories remain tight and interest rates are on the rise, we are still seeing a very robust purchase market with 71 percent of all loans representing home purchases and closing rates at 75 percent on purchase loans,” said Jonathan Corr, President and Chief Executive Officer of Ellie Mae.