Average credit scores increased on last month’s mortgage production, while averaged debt-to-income ratios declined. The tighter credit conditions came as refinances continued to make up a diminishing share of mortgage production.

The share of loans originated in September that were conventional transactions was 65 percent. Conventional share has thinned from 66 percent the same month in 2017.

A fifth of last month’s production was for residential loans that were insured by the Federal Housing Administration. The share was the same as 12 months previous.

Source: Mortgage Daily