Ellie Mae: Purchase Originations Hold Steady at 68%

Ellie Mae, Pleasanton, Calif., said purchase originations in June held steady at 68 percent of all originations.

The company’s monthly Origination Insights report noted the percentage of refinances also held steady at 32 percent for the second straight month. Conventional purchase loans increased to 63 percent, up two percentage points from the May. FHA purchase loans decreased slightly to 81 percent, while VA purchase loans increased to 75 percent.

The report said adjustable-rate mortgages declined to 5.9 percent of all loans in June, down from 6.1 percent the month prior. Additionally, the average time to close all loans increased by one day to 43 days in June. The time to close a refinance held at 41 days, while the time to close a purchase increased to 43 days.