The mortgage refinance market regained some ground in July. About 37% of closed loans were refinances compared with 34% in June, according to Ellie Mae’s monthly Origination Insight report.
Purchases, meanwhile, lost some ground. About 62% of closed loans were purchases compared with 65% in June.
The average number of days to close remained flat compared with June at 42 days, according to the report, which is based on loan data voluntarily shared by Ellie Mae clients.
The closing rate was 71.6% compared with 69.6% in June.
The average FICO score on all closed loans was 727, up from 726 in June to reach the highest level since June 2015.