Mortgage Industry News
« Return to Mortgage Industry News
Average FICO Scores Rise 9 Points Since March
Friday, July 17, 2020
The interest rates on mortgage loans that closed
in June averaged 3.40 percent, down 3 basis points from the average in May
according to Ellie Mae's Origination Insight Report. The rate for 30-year
conventional loans was 3.42 percent compared to 3.44 percent the previous month
and there were declines of 4 basis points for both FHA and VA loans to 3.41
percent and 3.20 percent, respectively. The share of purchase loans moved
substantially higher during the month, from 35 percent to 42 percent, causing a
corresponding drop in the refinance share from 65 percent to 58 percent. The
distribution of loans also shifted slightly; the conventional loan share dipped
to 80 percent from 82 percent with the VA and FHA each picking up 1 percentage
point to 7 and 10 percent.
Read Full Article