Closing Times Are Speeding Up!

National average closing time for February was down to 46 days after falling from 51 in January. This is according to Ellie Mae Origination Insight Report.

The average home purchase loan took approximately 45 days to close in February which is an improvement of three days from January. A refinance loan took an average of 47 days to close in February, which is an improvement by 6 days. 

63% of the market share are conventional loans for February, while January held a 66% marketshare. The FHA bumped up it's market share by two percentage points and the VA loans rose by one point to 10%.

The FICO score's for loans decreased in February to 720 after falling from 722. Considering a year ago in August and September, FICO scores are currently 11 points lower. On the other side, FICO scores are still one point higher than January 2016.

The good news is that 70% of the closed purchase loans had a minimum score of 700.

February was a strong month for buyers, they held a 57% of the total close loans. 

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