Refinances fell to 35% of all loans passing through Ellie Mae’s Encompass loan origination platform in April – down from 37% in March and down from 43% in February, the mortgage software firm reports.
The closing rate for all loan types fell to 42 days, down from 43 days in March and down from 46 days in February, according to the firm’s Origination Insight Report.
The average number of days to close a refinance loan was 41 days, down from 43 days in March. The average number of days to close a purchase loan was 42 days, down from 43 days in March.
The closing rate for all loans was 69.4%, up from 67.9% in March. Closing rates on refis decreased to 63.5%, while closing rates on purchases decreased to 74.5%.
The average FICO score for all closed loans was 722, up from 721 in March. About 69% of all closed loans had FICO scores over 700.
About 70% of purchase loans had FICO scores over 700, while 65% of refinances had FICO scores over 700.
The average FICO score for a purchase loan backed by the Federal Housing Administration (FHA) was 684. The average FICO score for a refinance through the FHA was 650.
The average FICO score for a conventional refinance was 727, while the average FICO score for a conventional purchase loan was 753.
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