Closing Times Improve; Pull-Through Falls; Rates Keep Rising

Closing Times Improve; Pull-Through Falls; Rates Keep Rising

Purchase loans finally regained the catbird seat in June, edging out the share of refinance loans by 3 percentage points . ICE Mortgage Technology reports that 51 percent of all mortgages originated during the month were for home purchases. This is the first time since December 2019 that purchases eclipsed refinances in the ICE Origination Insight Report. Refinances made up 48 percent of the total while other types of loans had 1 percent of the volume. Refinances still made up the majority of conventional loans, 53 percent versus 46 percent for purchases. For FHA and VA loans the purchase share was 79 percent and 70 percent respectively. Conventional loans accounted for 78 percent of all originations during the month, down from 79 percent in May. The shares of FHA and VA loans were unchanged