Ellie Mae: Average Closing Rate Hit 73.0% In October

Refinances regained some ground in October and accounted for about 47% of all mortgage volume flowing through Ellie Mae’s mortgage origination platform, the firm reports by way of its Origination Insight Report.

That’s up from 45% in September.

Purchases, meanwhile, accounted for about 53% of volume in October – down from 54% in September, according to the report.

The average number of days to close a loan was 48, unchanged from the previous month.

The closing rate increased to 73.0%, which is the highest it has been for at least 18 months. In September, it was 71.8% for all loan types combined.

The average FICO score for a closed loan (refinances and purchases, all loan types, combined) was 730, down from 731 in September.

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