Millennials Step Back (Slightly) From FHA Loans: Ellie Mae Millennial Tracker™
“Conventional and FHA loans make up the vast majority of loan types
among Millennials, and tend to track in cycles. The numbers for June
show us that, after a one-year high at 36 percent of all closed loans in
February and March, FHA loans have been steadily decreasing for the past
four months,” said
San Francisco- Oakland- Hayward- $543,851 Los Angeles-Long Beach- Anaheim- $436,967 Boston- Cambridge- Newton, Mass./N.H. - $364,767 Washington, D.C.- Arlington- Alexandria- $342,722
Other key findings from the
- In June, 90 percent of all loans closed by Millennials were for purchases, with just 10 percent for refinances
- Among FHA loans, 96 percent were for purchases and 4 percent were for refinances; Comparatively, for conventional loans, 87 percent were for purchases and 12 percent were for refinances
Across the nation, single men, on average, took out loans for
$181,433, while single women averaged $166,996
Millennials continued to buy in the affordable Midwest, with
Muscatine, IA, (average loan amount: $143,988) Watertown, S.D., ($138,492) Frankfort, Ind., ($125,069) Oshkosh- Neenah, Wis., ($150,751)and Quincy Ill./Mo. ($107,589)making up the top markets overall
- FHA refinance loans time-to-close took a significant drop, moving to 45 days from 55 days in May
Ellie Mae® (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry.
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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