Thanks everyone for your help! I just wanted to update for others with a similar issue.

Even though I sprayed copious amounts of graphite in the latch and added a decent amount of Molly, it didn't help much. In my last ditch effort I added just a few drops of ATF to the latch's hinge and voila it closed like a charm! I wouldn't say that it perfect but about 90% of the way there. I realize this is just a temporary fix but now I know the latch should be pulled apart and lubricated or replaced.