Refinancing and home purchases had a nearly even share
of mortgage originations in July. ICE Mortgage Technology said that 50 percent
of closed loans during the month were purchase mortgages while 49 percent were
for refinancing. Refinancing, however, continued to dominate the conventional
market at 54 percent of those loans. The share among FHA loans was 22 percent
and refis accounted for 32 percent of VA loans. The time to close a loan improved slightly from June
to July. It took an average of 48 days on average, one day less than in June.
The time to close a refinance dipped from 48 to 47 days and purchase loans took
48 days compared to 51 the previous month.

 

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