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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.

 

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