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Ellie Mae says Loan Closing Rate Highest in Four Years
Wednesday, August 19, 2015
Ellie Mae said this
week that the closing rate for purchase mortgages reached 70.7 percent in July
up from 69.0 in June. This is the
highest rate since the company started tracking this data in August 2011 and is
calculated based on a sampling of
loan applications initiated 90 days earlier.
The closing rate for
all loans was 66.2 percent. The highest
rate was for VA purchase loans at 72.5 percent and the lowest was for FHA
refinances at 42.5 percent. Those loans
were the only ones for which the closing rate did not improve over June.
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