As refinances took up a bigger share of monthly mortgage production, the ratio of loans that closed improved. While average credit scores eased, other metrics used to determine credit quality were unchanged.
Sixty-eight percent of loans closed in October were conventional mortgages. Another fifth were insured by the Federal Housing Administration, and 9 percent were guaranteed by the Department of Veterans Affairs.
There was no change to the share by loan type when compared to one month previous. But conventional share has expanded from 64 percent one year previous, while FHA share was reduced from 23 percent.
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From:: Financing