Posted To: MND NewsWirePurchase loans held on to the June share of 71 percent of closed loans in July which remains the highest share in the seven-year history of Ellie Mae’s Origination Insight Report . Refinances also held steady, remaining at 29 percent although the percentage of refinancing through the VA gained 2 percentage points to 25 percent. Conventional and FHA stayed at 31 and 19 percent respectively. The distribution of new loans remained the same as in June as well, with 66 percent of originations going to conventional loans, 20 percent FHA, and VA loans accounting for 10 percent. The share of Adjustable Rate Mortgages (ARMs) dropped to 6.6 percent from 6.9 percent the previous month. “The purchase market remained solid in July and as we see inventories rise, we might begin to see a transition to a buyer…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Michael Ayoub, Author NMLS ID 6631