March Ellie Mae Millennial Tracker™ Shows Millennials Closing Times Shrink to Fastest Mark
The average age of the Millennial homebuyer also slightly increased
year-over-year according to Millennial Tracker data. The average age of
the Millennial homebuyer in
“With the ongoing adoption of digital mortgage solutions, Millennial
homebuyers were able to close purchase loans in 39 days in March, the
shortest amount of time since Ellie Mae began tracking Millennial loan
data in January 2014,” said
Time to close Millennial loans (days)
|FHA (all loans)||41||43||47|
|Conventional (all loans)||40||42||
|VA (all loans)||44||56||55|
Share of Conventional, FHA and VA purchase loans saw significant upticks in March, as Millennials continued to take advantage of various loan options to buy a home. Conventional purchase loans closed by Millennial borrowers rose to 85 percent in March, up from 80 percent the month prior. While the share of FHA purchase loans rose two percentage points to 96 percent month-over-month, VA purchase loans saw the most significant increase in March at 79 percent, up from 66 percent in February.
Additional key findings from the
- The average FICO score for Millennial borrowers fell to 721 in March, down from 724 in February. The average FICO score for female borrowers in March was 722. It was 723 for male borrowers.
- The average loan-to-value (LTV) ratio for Millennial borrowers in March was 87, comparatively higher than the average for borrowers of all ages, which as outlined in the March Origination Insight Report was 79. Average Millennial borrower debt-to-income (DTI) ratio was 25/38, while the average for borrowers overall came in at 26/39.
The top markets by percentage of Millennial loans closed included
Dyersburg, Tenn.(73 percent), Binghamton, N.Y.(70 percent), Fairmont, W.Va.(68 percent) and Mount Sterling, Ky.(63 percent).
The Ellie Mae Millennial Tracker is an interactive online tool that provides access to up-to-date demographic data about this new generation of homebuyers. It mines data from a robust sampling of approximately 80 percent of all closed mortgages dating back to 2014 that were initiated on Ellie Mae’s Encompass® all-in-one mortgage management solution. Given the size of this sample and Ellie Mae’s market share, it is a strong proxy of Millennial mortgage indicators across the country. Searches can be tailored by borrower geography, age, gender, marital status, FICO score and amortization type.
For more information, visit http://elliemae.com/millennial-tracker.
ABOUT THE ELLIE MAE MILLENNIAL TRACKER
The Ellie Mae Millennial Tracker focuses on Millennial mortgage applications during specific time periods. Ellie Mae defines Millennials as applicants born between the years 1980 and 1999. New data is updated on the first Monday of every month for two months prior.
The Millennial Tracker is a subset of our Origination Insight Report,
which details aggregated, anonymized data pulled from Ellie Mae’s
Encompass origination platform. Additional information regarding the
Origination Insight Report can be found at http://elliemae.com/resources/origination-insight-reports.
News organizations have the right to reuse this data, provided that
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