Time to close on mortgages growing amid soaring volume
The number of closed loans increased 7.1% over September, per Ellie Mae. Seasonally, October over September for 2019, 2018, 2017 were up 4.8%, up 9.9%, and up 5.6% respectively.
Across the board, 30-year mortgage rates decreased on average from 3% in September to 2.99% in October, continuing this year’s trend of low rates. The 30-year conventional dropped from 3.02% to 3.01%, and VA fell from 2.78% to 2.75%. FHA loans remained the same, holding steady at 3.01% in October.
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