It took an average of 49 days to close a residential mortgage loan in December, a week longer than it took one year prior, according to Ellie Mae. This was unchanged from November.
The average time to close a refinance was 47 days and the average time to close a purchase loan was 50 days, according to Ellie Mae's Origination Insight Report. In December 2014 it took 42 days to close both kinds of loans. During November it took 49 days to close each type.