A bigger share of home loan applications closed last month — especially compared to a year ago. Purchase and conventional loans had the best closing rate.
Conventional mortgages accounted for two-thirds of all residential loans that were closed in December 2016. A year earlier, the share was 65 percent.
Another fifth of last month’s production was loans insured by the Federal Housing Administration. The share was lower than 22 percent in December 2015.
Source: Mortgage Daily