As refinance share fell to a new low last month, more loans in process closed. Turnaround lengthened by a day, and government-insured share fell over the past year as conventional share rose.

Conventional mortgages accounted for exactly two-thirds of all single-family loans closed during June. The share has widened from 64 percent one year earlier.

Mortgages insured by the Federal Housing Administration made up another fifth of last month’s production. FHA share has thinned from 22 percent in June 2017.

Source: Mortgage Daily