The average time to close a mortgage, for all loan types, increased to 58 days in December, up from 55 days in November and up from 48 days in December 2019, according to ICE Mortgage Technology’s Origination Insight Report.
The average time to close a refinance held steady at 59 days, while the average time to close a purchase increased from 49 days to 56 days.
The refinance share in December was 60%, down from 61% in November but up from 46% in December 2019.
The average rate for a 30-year mortgage was 2.93% in December, based on closing data, down from 2.97% in November.
The average FICO score was 751, down from 752 the previous month but up from 735 in December 2019.
LTV and DTI remained steady at 72 and 23/35, respectively.
“Interest rates continued to decline at the end of 2020, driving the growing share of refinances for another month,” says Joe Tyrrell, president of ICE Mortgage Technology, in a statement. “Despite the continued impact of the coronavirus, our lenders are leveraging technology and digital solutions to manage borrower demand for refinances, while taking into account the health and safety of all people as part of the mortgage origination process.”