Purchase loans accounted for 61% of lenders' overall mortgage volume in June – an increase of about 3% compared to May, according to Ellie Mae's Origination Insight Report.
This marks the first time that purchase loan volume has exceeded 60% of all originations since October 2014.
Meanwhile, lenders' closing rate on all purchase loans increased to 69%, the highest level since Ellie Mae began tracking this data in August 2011.
According to the report, purchase loans accounted for about 58% of all loans in May.
Refinances, meanwhile, fell to 38% of originations, down from 42% the previous month.
The number of days to close a purchase loan increased slightly to 45 days, up from 43 days in May. Similarly, the number of days to close a refinance was 52 days, up from 49 days.
The average rate for a 30-year fixed-rate mortgage in June was 4.013% to 4.118%. The data also showed that the average FICO score on a closed loan in June fell three points to 727, the lowest so far this year.
‘With a surging housing market and U.S. home sales at their highest level in years, lenders remained busy in June,’ says Jonathan Corr, president and CEO of Ellie Mae, in a release. ‘The improving closing rate is a continued sign that borrowers are being approved and following through with purchases.’Â
The report is based on data derived from a sampling of about 66% of all mortgage applications initiated on Ellie Mae's Encompass loan origination system.