Skip to main content

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
Published
Jul 18, 2018
MBA Urges Shift To Single Credit Report Model, Citing Cost Savings And Efficiency

MBA says tri-merge credit checks cost lenders up to $100 per loan, doubling since pre-COVID, as industry pushes for a cheaper, single-report model

Jun 16, 2025
Fairway Acquires Hallmark Home Mortgage Through Asset Purchase

Hallmark to become new Fairway division, gets access to Fairway's Fairway's product portfolio, tech, and support resources

Jun 13, 2025
Trigger Leads Bill Clears Senate

Final push now left to House; reconciled bill needed next

Housing Market Outlook: Brighter Days To Come

NAR Chief Economist Yun calls lower mortgage rates ‘magic bullet’ to boost home sales

Jun 11, 2025
Redfin Shareholders Say Yes To Acquisition By Rocket

Nearly 99% of Redfin shareholders vote to approve merger, though fewer vote yes to compensation for company’s execs

Jun 10, 2025
Play Ball: Ishbias Could Add Another Team To Their Roster

Justin Ishbia in agreement to potentially take over as owner of Chicago White Sox — but not for several years yet

Jun 09, 2025