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.”

 
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021