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The number of refinances took a spike this summer, with 43 percent of all closed loans coming from refinance activity, according to new data from Ellie Mae. In July, 37 percent of closed loans were refinances. In comparison, 56 percent of closed loans in August were purchases, down from 62 percent one month earlier.
Ellie Mae also found closing rates for all loans increased to 72.3 percent in August, up from 71.6 percent in July. Refinance closing rates rose to 67.1 percent in August from 66.6 percent in July, while purchase closing rates increased to 76.4 percent in August from 75.7 percent in July.
For the third consecutive month, the average time to close all loans remained at 46 days. In August, it also took 46 days to close a purchase (unchanged from July) and a refinance (down from 48 days in July). The average FICO score for August was 731, while conventional purchase FICO scores held steady at 754 as conventional refinance FICO scores rose from 739 in July to 747 in August.