According to Ellie Mae Origination Report closing times were shrinking from 51 days in January to 46 days in February. Specifically home purchase loans had an average of 45 days to close in February down from 48 days in January. Those refinancing homes had an average of 47 days to close in February, down from 53 days in January.
The conventional loan market had 63 percent of the loan market share vs 66 percent in January. FHA loans increased by 2 percentage points to 23 percent. VA loans rose only 1 percent finishing at 10 percent of the loan market last month.
Credit Scores are also starting to dip down. FICO scores has a moderate decrease from 722 in January to 720 in February. Once again the FICO scores are coming down due to market forces. Although the scores are 11 points lower from last years high, they are still only 1 point higher from the beginning of 2016.
These two forces , shorting closing and FICO scores in decline, may indicate that the national real estate market may not be heating up as fast as many would hope. The Baton Rouge real estate market however remains optimistic as we see an increase in homes for sale and a decrease in days on the market.
Contact Glenda Daughety and Team today to learn more about homes in Baton Rouge. We welcome the opportunity to update you on current market conditions while helping you get to know what buyers are looking for at the moment. Let our knowledge and experience serve as your guide to Baton Rouge real estate.