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.”