Ellie Mae: Purchase Originations Hit New High

Ellie Mae, Pleasanton, Calif., said closed purchase loans rose to a record 71 percent in June, the highest level since it began tracking such data.

The company’s monthly Origination Insight Report also reported a closing rate of 75 percent on purchase loans in June.

“While inventories remain tight and interest rates are on the rise, we are still seeing a very robust purchase,” said Jonathan Corr, president and CEO of Ellie Mae. “We hope to see the time to close decrease in the coming months as more lenders take advantage of digital mortgage solutions.”

Other report highlights:

–The 30-year interest rate rose again to 4.9 percent, up from 4.84 in May, the highest since Ellie Mae began reporting in 2011.

–The percentage of adjustable-rate mortgages rose to 6.9 percent, up from 6.6 percent the month prior.

–The percentage of refinances decreased across the board with FHA refinances sinking to 19 percent, conventional refinances down to 31 percent and VA refinances at 23 percent.

–The time to close all loans rose one day to 42 days in June. Time to close refinances held at 37 days, and time to close purchases increased to 44 days, up from 43 the month prior.

–Overall FICO scores increased slightly for the fourth consecutive month to 726, up two points from May. LTV rose to 80 and DTI remained at 26/39.