Report Says Mortgage Closing Rates at Record High

According to their latest Origination Insight Report, Ellie Mae says that closing rates rose to a new high with the closing rate on all loans at 77%, up from 76.8% in June. Closing rates on purchases increased to 79.3% in July, up from 78.8% in June, while closing rates on refinances dropped slightly to 72.9% in July, down from 73.4% the month prior.  The average time to close was at 42 days in July, the average time to close a purchase dropped to 43 days and the time to close a refinance increased to 40 days.  Ellie Mae’s Origination Insight Report provides monthly data and insights from a robust sampling of closed loan applications that flow through Ellie Mae’s approximately 35% of U.S. mortgage applications.

Click here to download the full report at EllieMae.com.