Average FICO Score For Closed Mortgages Hit 728 in April

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The average FICO score for closed mortgages (all types) increased to 728 in April, the highest it’s been in at least 16 months, according to Ellie Mae’s Origination Insight Report.

In addition, the average time to close a mortgage decreased to 40 days, the lowest its been in at least 16 months.

The average time to close a refinance decreased to 33 days, while the average time to close a purchase dropped to 43 days, according to the report, which is based on data flowing through Ellie Mae’s Encompass loan origination platform.

“We are seeing closing times drop across the board as our lenders leverage technology for a more efficient and streamlined loan origination process,” says Jonathan Corr, president and CEO of Ellie Mae, in a statement. “And, as the 30-year note rate continues to decline and closing rates remain high, we expect to see an active spring home buying cycle.”

Refinances continued to hold their 35% share of total mortgage origination volume in April, flat compared with March but up slightly from a share of 34% in April 2018.

Average LTV held at 79 and DTI held at 25/38.

The average rate for a 30-year fixed rate mortgage (all types) was 4.61%, down from 4.77% the month prior.

The share of adjustable rate mortgages (ARMs) decreased to 6.8%, down from 7.4% in March.

Closing rates dropped slightly to 74.8%, down from 75.3% in March.

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