Purchase Loan Closings Hit New Peak – NMP
Industry News

Purchase Loan Closings Hit New Peak

Jul 18, 2018
Today's first-time homebuyer is older and more likely to be single than first-time homebuyers in the 1970s and 1980s, according to a new Zillow analysis

Purchase loans accounted for 71 percent of all closed loans in June, according to data released by Ellie Mae, up one percentage point from May. This represents the highest percentage of purchase loans recorded by Ellie Mae in the seven years that it has been tracking this data.
 
Refinances represented 29 percent of all closed loans for June, down one percentage point from May. Refinancing levels dropped in all loan products: FHA refinances were down to 19 percent, conventional refinances at percent and VA refinances at 23 percent.
 
Ellie Mae also reported that it took an average of 42 days to close all loans in June, up one day from May. The time to close refinances held at 37 days while the time to close purchases increased to 44 days, up from 43 one month earlier. Overall FICO scores increased slightly for the fourth consecutive month to 726, up two points from May.
 
“While inventories remain tight and interest rates are on the rise, we are still seeing a very robust purchase market with 71 percent of all loans representing home purchases and closing rates at 75 percent on purchase loans,” said Jonathan Corr, President and Chief Executive Officer of Ellie Mae.
 
About the author
Phil Hall
Link copied
Published
Jul 18, 2018
Get the NMP Daily
Home Equity
Achieve Closes $261.5M HELOC Securitization Ahead Of Planned TPO Launch

The company expects to begin purchasing fixed-rate HELOCs from correspondent lenders during the third quarter

Achieve has completed a $261.5 million securitization backed by 3,129 fixed-rate home equity lines of credit as it prepares to begin purchasing HELOCs from correspondent lenders.ACHM Trust 2026-HE1 closed July 30 and was announced Aug. 6. It is Achieve’s first HELOC securiti...

Continue reading
Analysis and Data
Better Will Miss September Break-Even Target, Interim CEO Says

Platform volume overtook DTC, but costly enterprise integrations have yet to deliver, and new partnership growth is not expected until Q4

Better Home & Finance will miss its goal of reaching adjusted EBITDA break-even by the end of September, interim CEO Daniel Lewis acknowledged during his first earnings call leading the company.Rather than set another deadline, Lewis said Better must first show that it c...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Industry News
Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News
Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Industry News
Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Industry News
Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Industry News
Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Industry News
Jul 02, 2026