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Refinancing and home purchases had a nearly even share of mortgage originations in July. ICE Mortgage Technology said that 50 percent of closed loans during the month were purchase mortgages while 49 percent were for refinancing. Refinancing, however, continued to dominate the conventional market at 54 percent of those loans. The share among FHA loans was 22 percent and refis accounted for 32 percent of VA loans. The time to close a loan improved slightly from June to July. It took an average of 48 days on average, one day less than in June. The time to close a refinance dipped from 48 to 47 days and purchase loans took 48 days compared to 51 the previous month. The average note rate during the month was 3.25 percent, 3 basis points higher than in June. Over the 12 months ended in July the
Housing News
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Refinancing and home purchases had a nearly even share of mortgage originations in July. ICE Mortgage Technology said that 50 percent of closed loans during the month were purchase mortgages while 49 percent were for refinancing. Refinancing, however... (read more)
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Rob Chrisman
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I’m getting old. I can remember the lyrics from a Steppenwolf song that I haven’t heard in 20 years but I don’t remember what I had for lunch yesterday. I do know, however, that today is a trip to Atlanta for a presentation with att... (read more)
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Housing News
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Today there are 400,000 homeowners in their final month of forbearance and another 1.2 million still in the program as it winds down, thus, it is probably way too early to conclude that the nation has a ducked a pandemic foreclosure bullet, However, ... (read more)
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National Associattion of Realtors
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