The closing time for all loan types has increased by a day as of June to 43 days, up from 42 days the month before, according to Ellie Mae’s June 2017 Origination Insight Report The time to close a refinance stayed steady at 41 days, while the time to close a purchase loan advanced to 43 days, up from 42 days in May. The average 30-year rate for all loans deflated to 4.27 in June from 4.33 in May.
Regarding closing rates for all loan types, the average time has decreased a hair to 70.3 percent in June from 70.4 in May. Closing rates on refinances lowered to 63.5 percent from May’s 63.8 percent, and closing rates on purchases dropped to 75.1 percent in June from 75.3 percent the prior month. At Setco Services, we have an average 90% closure ratio on all types of loans and will tailor our services to meet your needs. If you are in the market to buy or sell a home, let Setco be your partner.
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