Compared to a year ago, average credit scores have declined, average loan-to-value ratios have increased and average debt-to-income ratios have risen. Closing ratios have deteriorated, but turnaround was faster.

Conventional loans made up two-thirds of mortgages closed in November, a fifth were mortgages insured by the Federal Housing Administration, and a 10th were guaranteed by the Department of Veterans Affairs.

While there was no change in the share from the previous month, there was a shift from the same month in 2016, when conventional share was wider at 68 percent, and VA share was thinner at 9 percent.

Source: Mortgage Daily