Skip to main content

Purchase Market Loan Percentage Up

Mar 15, 2017
Home loans for purchases increased to 57 percent of mortgage originations in February

Home loans for purchases increased to 57 percent of mortgage originations in February, up from 53 percent the month prior, while refinancing activity dropped during the same period to 43 percent from 47 percent, according to the latest Origination Insight Report released by Ellie Mae.
 
The average time to close all loans decreased to 46 days in February, down from 51 days in January, while closing rates for all loans decreased to 70.6 percent, down from 72.2 percent in January. February’s average FICO score of 720 was slightly below the 722 level set in January.
 
“The purchase market led the way in February, representing 57 percent of total closed loans,” said Jonathan Corr, president and CEO of Ellie Mae. “Along with the growing purchase market, we’re seeing the time to close all loans decrease and FICO scores decline, trends that we will continue to watch in the coming months.” 
About the author
Published
Mar 15, 2017
Rocket's All-American Return To The Super Bowl

The company spends millions to remind Americans of "the meaning of home."

Feb 10, 2025
Homebuilders Cheer Delay Of Trump Trade War

Canada and Mexico stave off tariffs on billions of dollars of materials crucial to the U.S. homebuilding industry

Feb 04, 2025
OCMBC President Arrested For DUI, Murder

Serene Vernon (Rosenberg) had three prior convictions, per a police report

Feb 02, 2025
Trump Fires CFPB Director Chopra

Chopra posts a letter to X with his final statements

American Heritage Lending Halts Funding Loans In Maryland

AHL suspended the ability to lock new consumer loans in Maryland, effective immediately

Jan 31, 2025
Katie Sweeney Joins Rocket Pro To Lead Broker Strategy, Advocacy

The former AIME chairwoman and CEO asks the broker community, particularly Rocket Pro’s brokers, to trust her. 

Jan 29, 2025