Purchase, Refi Origination Volumes Held Steady in June

Posted by Michael Bates on July 19, 2017 No Comments
Categories : Residential Mortgage

According to the June “Origination Insight Report” from Ellie Mae, the percentage of purchase home loans relative to refinances remained steady at 68% of all closed loans, while refinances remained at 32% for the second straight month.

Specifically, the percentage of conventional purchase loans increased to 63%, up two percentage points from the prior month. FHA purchase loans decreased slightly, to 81%, and VA purchase loans increased to 75%.

The average 30-year note continued to decrease, to 4.27 in June, down from 4.33 in May. The percentage of adjustable-rate mortgages (ARMs) on all loans declined to 5.9% in June, down from 6.1% the month prior. Additionally, the average time to close all loans increased by one day, to 43 days, in June. The time to close a refinance held at 41 days, while the time to close a purchase increased to 43 days.

The company’s report can be accessed here.

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