Mortgage Credit Tightens as Closing Rate Improves

As loan-to-value ratios tightened last month, credit scores have risen each month this year. But a bigger proportion of loans closed as refinance share rose.

Out of all residential loans funded during July, 65 percent were conventional mortgages. Conventional share was greater than 62 percent one year prior.

Another 23 percent of last month’s business were loans insured by the Federal Housing Administration. FHA share slipped from 24 percent in July 2015.

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From:: Financing