The closing rate on mortgages reached a significant milestone in July, surging to more than 66 percent according to Bloomberg Business.
The closing rate was 64.2 percent in June, and 57.7 percent a year earlier, the report states.
“The average FICO score on closed loans fell for the third consecutive month to 725, its lowest level since February 2014,” according to Mortgage Daily, which conducts the research.
