The closing window for mortgage loans tightened in February, down to 46 days from 51 days in January, according to Ellie Mae's latest Origination Insight Report. The time to close a purchase loan was 45 days, while the time to close a refinance loan was 47. Closing rates ticked down roughly two points, to 70.6 percent.
All told, purchase loans grew to 57 percent in February—an increase from 53 percent in January—with the average FICO score at 686 for FHA purchase loans, 707 for VA purchase loans, and 752 for conventional purchase loans.
The average FICO score for FHA refinances, over the same period, was 649; the average score for VA refinances was 702; and the average score for conventional refinances was 728.
"The purchase market led the way in February, representing 57 percent of total closed loans," said Jonathan Corr, president and CEO of Ellie Mae, in a statement. "Along with the growing purchase market, we're seeing the time to close all loans decrease and FICO scores decline—trends that we will continue to watch in the coming months."
Source: Ellie Mae
For more real estate information, including a FREE Home Market Analysis and Market Area Statistics, please contact us at 866-977-7623.