Morning Briefing: Rise in purchase loans in June

by Steve Randall21 Jul 2016
Rise in purchase loans in June
There was a rise in the proportion of purchase mortgage loans in June, rising from 62 per cent of all closed loans in May to 65 per cent last month.

Data from Ellie Mae also reveals that the percentage of purchase loans was the highest since August 2014. Meanwhile, refinances made up 34 per cent of closed loans in June, down from 37 per cent in May.

FHA purchases are also on the rise, representing 85 per cent of closed FHA loans, the highest percentage since September of 2014,” commented Jonathan Corr, president and CEO of Ellie Mae.

Closing rates for all loans decreased slightly to 69.6 per cent in June, down from 70.6 per cent in May and the number of days to close a loan ticked one day higher to 46 days.
 
Mortgage applications down last week
Mortgage applications dipped in the week ending July 15, the Mortgage Bankers’ Association said.

Its market composite index was down 1.3 per cent on a seasonally adjusted basis and increased 24 per cent on an unadjusted basis. The refinance index was down 1 per cent, the purchase index was down 2 per cent (seasonally adjusted) but up 23 per cent on an unadjusted basis.
 
Star of ‘The OC’ sells Beverly Hills after 6 years
Mischa Barton has finally sold her Beverly Hills mansion, 6 years after she listed it. The star of ‘The OC’ and ‘Dancing with the Stars’ reportedly struggled to keep up mortgage payments on the 7-bedroom, 9-bathroom home which she bought in 2005 for $6.05 million.

The LA Times says the home was originally listed in 2010 for $8.7 million but has sold for a lot less at $7.05 million. Public records show the outstanding mortgage principal sum at $4.3 million.
 

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