Home Loans In The Now
As far as home loans go, Ellie Mae is in the know.
The tech company makes available automation software to a big portion of the mortgage finance industry. Ellie Mae gets the complete picture of residential sales and financing as it deals with more than a third of all U.S. home loans. From its vantage point, it gets an immediate picture of the reality.
Recently Ellie put out a news release that included some thought-provoking facts that may interest home owners or future home buyers. They are well-timed pointers about the trends of U.S. home loans. Also provided are details about what is necessary when applying and what amount of money will be needed. If you are applying soon, consider what follows. Here are some of the latest facts about this year’s late summer and early fall activity.
Home Loan Changes
- Refinancing loans are down from 38% to 29%.
- September’s 30 year interest rate decreased just a bit to 4.91%.
- The average FICO score increased to 727.
- ARMs or adjustables rose as a percentage of loans given, at 7.2% of the market. This is up about half a percentage point from August which is no surprise since home prices have increased.
- The time it takes to close stayed the same at 45 days.
It is true a home must sell two times: first to the buyer, and then to the lender. If you are looking to buy or sell soon, being knowledgeable about trends in residential finances will make the process go smoother. We keep apprised of all the latest information and trends. Call today for a no cost, no obligation consultation.