There was a hold-steady on the share of new mortgage originations that were purchase loans last month
There was a hold-steady on the share of new mortgage originations that were purchase loans last month.
Data from Ellie Mae shows that purchase loans made up 68% of mortgage originations in June, unchanged from May, with refinances making up 38% for the second consecutive month.
Conventional purchase loans increased share to 63%, FHAs were up to 81% and VAs grew to 75%.
“While low inventory levels are slowing the growth of home purchases, the percentage of home loan purchases stayed steady in June, representing 68% of total closed loans,” said Jonathan Corr, president and CEO of Ellie Mae.
Just 6 months ago, the share of purchase and refinance mortgage originations was more balanced with 46% refinance and 54% purchase while a year ago the share was similar to now at 65% purchase and 34% refinance.
The average 30-year note continued to decrease to 4.27 in June, down from 4.33 in May. The percentage of Adjustable Rate Mortgages (ARMs) on all loans declined to 5.9% down from 6.1% in May.
The average time to close all loans increased by one day to 43 days in June. The time to close a refinance held at 41 days, while the time to close a purchase increased to 43 days.
Data from Ellie Mae shows that purchase loans made up 68% of mortgage originations in June, unchanged from May, with refinances making up 38% for the second consecutive month.
Conventional purchase loans increased share to 63%, FHAs were up to 81% and VAs grew to 75%.
“While low inventory levels are slowing the growth of home purchases, the percentage of home loan purchases stayed steady in June, representing 68% of total closed loans,” said Jonathan Corr, president and CEO of Ellie Mae.
Just 6 months ago, the share of purchase and refinance mortgage originations was more balanced with 46% refinance and 54% purchase while a year ago the share was similar to now at 65% purchase and 34% refinance.
The average 30-year note continued to decrease to 4.27 in June, down from 4.33 in May. The percentage of Adjustable Rate Mortgages (ARMs) on all loans declined to 5.9% down from 6.1% in May.
The average time to close all loans increased by one day to 43 days in June. The time to close a refinance held at 41 days, while the time to close a purchase increased to 43 days.
