This comes as the 30-year rate on all loans continued to fall to 3.09 percent, now the lowest rate since
Other statistics of note in August included:
* The time to close all loans increased to 49 days in August, up from 47 days the month prior. Time to close for purchase loans increased to 45 days in August, up from 44 days in July and time to close for refinances increased to 51 days in August, up from 50 the month prior.
* FICO scores continued to increase to 2020 highs, rising to 752 for all loans, up from 750 the month prior.
* Closing rates increased slightly to 77.2 in August, up from 77.1 percent in July.
"Interest rates are at historic lows, driving volume across both purchases and refinances. In August of 2019 we saw 30-year rates just over four percent across all loans, while this month we're seeing average rates almost one percentage point lower. Not only does this enable homebuyers to get more home for their dollar, it allows new homebuyers who might be waiting for a good deal to enter the market," said
The Origination Insight Report mines data from a robust sampling of approximately 80 percent of all mortgage applications that were initiated on the Encompass® all-in-one mortgage management solution.
In addition to the Origination Insight Report,
Aug.
2020* July
2020* 6 Months Ago
(
(
*All references to months should be read as month ended. PROFILES OF CLOSED AND DENIED LOANS FOR
More information and analysis of closed and denied loans by loan purpose and investor are available in the full report at http://www.elliemae.com/about-us/news-reports/ellie-mae-reports/.
To get a meaningful view of lender pull-through,
About the Ellie Mae Origination Insight Report
The Origination Insight Report focuses on loans that closed in a specific month and compares their characteristics to similar loans. The closing rate is calculated on a 90-day cycle rather than on a monthly basis because most loan applications typically take one-and-a-half to two months from application to closing. Loans that do not close could still be active applications or applications withdrawn by consumers or denied for incompleteness or non-qualification.
The Origination Insight Report details aggregated, de-identified data pulled from
News organizations have the right to reuse this data, provided that
Ellie Mae is the leading cloud-based loan origination platform provider for the mortgage industry. Ellie Mae's technology solutions enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality, and efficiency. Visit ?EllieMae.com???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? or call ?(877) 355-4362???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? to learn more.PRESS CONTACT
(925) 227-5913
Erica.Bigley@elliemae.com
Allison+Partners
(312) 635-8204
EllieMae@allisonpr.com
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