Refinancing continued to account for the largest share
of mortgage originations in September, 53 percent of the total compared to 52
percent in October. ICE Mortgage Technology’s Origination Insights Report
said this was the largest share for refinancing since last April. Conventional loans continue to be the overwhelming
choice of borrowers, accounting for 80 percent of originations during the
month, unchanged from August. The shares of FHA and VA loans, 12 percent and 5
percent, respectively, are also the same as in August. The time to close a purchase loan increased from 49
days to 50 days which accounted for an increase of one day in all closing
times, to 47 days. The time to close also increased for each loan type by one
day compared to August, to 52 days for FHA loans, 46 days for conventional, and
53 days for VA loans. All increases were due to longer purchase timelines.

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