Skip to main content

Closing Rates Rise as 30-Year Note Rate Drops

Phil Hall
Jul 18, 2019
Photo credit: Getty Images/Waldemarus

Closing rates hit new highs in June as the 30-year note rate sank for the sixth consecutive month, according to new data from Ellie Mae.
Last month, the closing rate on all loans at 76.8 percent, up from 75.6 percent in May. Closing rates on purchase loans reached 78.8 percent and closing rates on refinances was 73.4 percent.
Also in June, the 30-year note rate dropped to 4.40 percent from 4.52 percent in May. The 30-year note rate for FHA loans decreased to 4.49 percent, down from 4.63 percent the month prior, and the 30-year note rate on Conventional loans fell to 4.41 percent, down from 4.52 percent. The 30-year note rate on VA loans sank to 4.20 percent in June, down from 4.31 percent the month prior.
Ellie Mae added that June’s percentage of refinances were 31 percent while purchases made up 69 percent of total closed loans. Average FICO scores were 731, up from 728 the month prior.
“As the 30-year note rate continues to decline, we are seeing robust purchase and refinance activity,” said Jonathan Corr, president and CEO of Ellie Mae. “Closing rates have hit the highest percentage since we began tracking data in 2011 and even with heavy summer activity, Ellie Mae’s customers are still seeing their times to close loans remain well below the industry average.”

Jul 18, 2019
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023
If You Build It, They Will Come

Ratings will go a long way toward growing the market for home equity-backed securities

Sep 07, 2023
Investors May Be Losing Interest In The Single-Family Rental Market

Rise in interest rates, drop in values have them pulling back in certain regions

Sep 07, 2023