June Origination remained steady, Gas prices could rise $.10 this summer, Major Stock indexes are lower to end the week
July 21, 2017
Ellie Mae reported its June Origination Insight Report this week revealing that the percentage of purchase home loans relative to refinances remained steady at 68% of all closed loans. The percentage of refinances remained at 32% for the second straight month. The report went on to say that the average time to close all loans increased one day to 43 days in June. The time to close a refinance held at 41 days, while the time to close a purchase increased to 43 days.
Motor club AAA reports that that gas prices could rise by $0.10 this summer and could top this year’s highest national price of $2.42. Currently, the national average price for a regular gallon of gas is at $2.28. AAA said the anticipated volatility is due to refiners continuing to run record levels of crude oil, which is creating high levels of gasoline and diesel. In addition, the summer season’s strong demand is expected to stay on pace and may even set a new record high between now and Labor Day.
The major Stock indexes are lower to end the week but remain near all-time high levels fueled in part by technology stocks. The closely watched S&P 500 closed at 2,473.45 on Thursday, an all-time high closing record. Back in March 2009, the S&P hit a low of 666 before at the height of the Great Recession. Shares of Amazon hit a record high of $1,034 this week as the on line retailer looks to take over the retailing sector and many other sectors in between.