Refinances accounted for a smaller share of last month’s home lending. Conventional refinance share was the widest. Conventional closing rates and turn times were the best.

Conventional loans made up 63 percent of all single-family loans that were closed during May. That was moderately thinner than the 64 percent share the same month last year.

But the share of production that was for mortgages insured by the Federal Housing Administration was no different than in May 2016, when it was also 23 percent.

Source: Mortgage Daily