The average FICO score for all closed mortgages increased to 731 in June, up from 728 in May and up from 726 in June 2018 to reach the highest level in at least 16 months, according to Ellie Mae’s Origination Insight Report.
The average FICO score for an FHA purchase loan was 675. The average FICO score for an FHA refinance was 662.
The average FICO score for a conventional refinance increased to 742 while the average score for a conventional purchase loan held at 754.
The closing rate for all loans also reached a new high: It increased to 76.8%, up from 75.6% in May and up from 70.5% a year earlier.
That’s the highest closing rate since Ellie Mae began tracking data 11 years ago.
The closing rate for refinances increased to 73.4% while the closing rate for purchase loans increased to 78.8%.
The refinance share of total mortgage volume fell to 31% in June, down from 32% in May but up from 29% in June 2018, according to Ellie Mae’s data.
The average time to close held steady at 42 days.
The average time to close a purchase loan increased to 45 days while the average time to close a refinance increased to 38 days.
The share of adjustable-rate mortgages fell to 6.3%, down from 6.7% the previous month and down from 6.9% in June 2018.
The average rate for a 30-year fixed rate mortgage was 4.40% in June, down from 4.52% in May.
The average 30-year rate on FHA loans decreased to 4.49%, down from 4.63%.
The average rate for a conventional loan fell to 4.41% while the average rate for a Veterans Affairs loan fell to 4.20%.
Average LTV remained steady at 80 and DTI held at 25/38.