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Mortgage Application Volume Pushes Out Closing Times!

Due to a big uptick in mortgage application volumes, closing times have increased in the past few months. Ellie Mae reports that from September to October, the average time to close all loans rose to 54 days from 51. The average time to close a refinance increased from 54 to 57 days and average time for a purchase loan rose one day to 48 days. Joe Tyrrell, president, ICE Mortgage Technology said, "The market clearly remains ripe for refinances as 60 percent of all closed loans are refis this month, indicating that homeowners are still looking to capitalize on the opportunity to reduce their monthly payments."
Positive optimism surrounding a COVID vaccine along with solid economic data from Europe are pushing stocks higher in this holiday-shortened. AstraZeneca and the University of Oxford have introduced a third vaccine after Pfizer and Moderna announced their new COVID vaccine drugs to battle the virus. This comes at a time when virus cases are sharply rising. All U.S. financial markets will be closed on Thursday for Thanksgiving. On Friday, bonds close early at 2:00 p.m. ET while stocks close at 1:00 p.m.
 
Mortgage closing times increase. A third COVID vaccine announced. Stocks begin the week higher.
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