Average Time to Close 10 Days Longer Than a Year Ago
March 9, 2021
The average time to close all transaction types averaged 58 days in December and January, according to an origination report from ICE Mortgage Technology.
This is an average increase of 10 days when compared to the same months a year ago.
The average time to close a refinance held at 59 days month over month. The average time to close a purchase increased from 56 days in December to 57 days in January.
The origination report highlighted that VA loans took the longest to close in January, taking 66 days to complete. Refinances took the longest at 76 days, with VA purchase loans taking 61 days to close.
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