The time to close a mortgage loan slipped to an average 43 days in March, marking the shortest window since February 2015, according to Ellie Mae’s recently released Origination Insight Report. The average time to close a loan in February was 46 days.
The average time to close a purchase loan in March—a type that shot up to a 63 percent share of all loans—was 43 days, as well. The average time to close a refinance loan was also 43 days.
“The purchase market continued to heat up in March, representing 63 percent of total closed loans,” said Jonathan Corr, president and CEO of Ellie Mae, in a statement on the Report. “We also saw the time to close shrink to the shortest duration since February of 2015 at 43 days across all closed loans, purchases and refinances.”
Source: Ellie Mae
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