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45 Days Is The New Closing Average
You should expect 45 days to close if you are financing a home mortgage for a home purchase, this wait is up from 44 days a month ago according to the most recent Origination Insight Report from Ellie Mae.
Mortgage borrowers have maintained high credit scores, having over a 700 score or more in 82% of conventional loans. Only 39% of FHA borrowers had a credit score above
The amount of VA loans also increased to 49 days from 48 days.
All loans closing in May increased to 70 percent. The closing rate of refinancing closing were up to 67% while the closing rate for all loans rose to 70%.
New Originations for mortgages were for home purchases. All closed loans that were for Home purchases rose to 62% this past May. This marks the first it reached over 60% since the summer of 2015..