As loan-to-value ratios tightened last month, credit ratingscredit history have actually risen each month this year. But a bigger percentage of loans closed as refinance share increased.

From all residential loans funded throughout July, 65 percent were standard home loans. Traditional share was higher than 62 percent one year prior.

Another 23 percent of last months business were loans guaranteed by the Federal Real estate Administration. FHA share slipped from 24 percent in July 2015.