Refinances fell to 37% of all loans flowing through Ellie Mae’s Encompass loan origination system in March, the mortgage software firm reports in its Origination Insight Report.
It was the lowest refinance share since July 2016, according to the firm’s data.
The average number of days to close a mortgage for all loan types was 43 days, down from 46 days in February to reach the shortest time to close since February 2015. It was the third month straight that the average number of days to close fell.
The average time to close a refinance loan was 43 days, down from 47 days the month prior. The average time to close a purchase loan was also 43 days, down from 45 days.
The closing rate in March, as per Ellie Mae’s data, was 67.9%, down from 70.6% in February. The closing rate on refinances was about 64.4%, and the closing rate on purchases was about 74.8%.
The average FICO score for all closed loans was 721, up slightly from 720 in February. About 68% of all closed loans had FICO scores over 700.
About 71% of purchase loans had FICO scores over 700. About 66% of refinances had FICO scores over 700.