Refinance Share at 29% in July

Refinances represented about 29% of all closed mortgages flowing through Ellie Mae’s Encompass loan origination system in July – flat compared with June but down from 35% in July 2017.

According to the mortgage software firm’s monthly Origination Insight Report, it took an average 43 days to close a mortgage in July, up from 42 the previous month and flat compared with a year earlier.

Purchase loans took an average of 44 days. Refinances took an average of 41 days, up from 37 days the month prior.

The adjustable rate mortgage share of activity was 6.6%, down from 6.9% in June but up from 5.7% in July 2017.

The average rate for a 30-year fixed-rate mortgage was 4.91% in July, up from 4.90% in June.

The average closing rate was 70.9%.

The average FICO score on all closed loans was 725, down from 726 in June but up from 724 a year earlier.

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