For the first time in the past nine months, mortgages for home purchases have accounted for more than 60 percent of all closed loans. According to a report released by Ellie Mae, the rate of actually reached 62 percent in May.
Additionally, the rate of loans that closed improved to 70 percent. Specifically, the rate of home purchase loans that closed was 75 percent, with the rate of refinancing closes lagging slightly at 67 percent.
The report also notes that home buyers who are financing their home purchase have seen an average of 45 days to close their loan, which is an increase of one day from last month.
The article published by REALTORMag on June 16, 2016 provides data from the Ellie Mae Report, and also discusses the percentage of home borrowers with “high” credit scores, which exceeded 80 percent for conventional loans.
Read the entire article for these details.