Refinances represented about 35% of all mortgages originated in August – flat compared with July but down considerably from about 45% in August 2016, according to Ellie Mae’s Origination Insight Report.
The lowest share for this year came in May and June, when refinances comprised about 32% of all loans, according to the mortgage software firm.
The average number of days to close a mortgage fell to 42 – down from 43 in July and down from 46 in August 2016. It was the third consecutive month that the number of days to close dropped.
Adjustable-rate mortgages represented about 5.7% of all loans originated.
The closing rate increased slightly to 71.7%.
The average FICO score for all loans closed in August was 724 – the same as in July but down from 731 in August 2016.
About 70% of all closed loans had FICO scores over 700; 71% of purchase loans had FICO scores over 700; and 67% of refinances had FICO scores over 700.