General World News

The mortgage market moves to purchase

It had to happen eventually. For the first time since December 2019, purchase mortgages represented a higher percentage of closed mortgages than refinances.

Purchase mortgages rose to 51% of closed mortgages in June, up from 47% in May, according to the latest origination report from ICE Mortgage Technology (formerly Ellie Mae). Refinances represented 48% of closed loans.

“While we are still seeing a strong refinance market, including the continued growth of cash-out refinances, the traditional summer purchase market is clearly evident in the data,” Joe Tyrrell, President of ICE Mortgage Technology, said in a details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com