Closings for millennials are at their speediest yet: 39 days in March, according to Ellie Mae’s Millennial Tracker™, a measure of millennial mortgages.
“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 Joe Tyrrell, executive vice president of Corporate Strategy for Ellie Mae, in a statement. “As more millennials reach the prime home-buying age of 29-32 years old, they are finding a mortgage experience leveraging technology that is fast and engaging in ways that their parents couldn’t imagine when they were buying their first home.”
In March, the average age of a buyer was 30.1, which is older than it was a year ago (29.5), according to Ellie Mae. Borrowers were majority male (63 percent, compared to 32 percent female); 52 percent were married, and 47 percent were single.
The average FICO for millennials was 721, down from 724 the month prior. Their average debt-to-income (DTI) was 25/38, and average loan-to-value (LTV) was 87.
Of millennial loans, Dyersburg, Tenn.; Binghamton, N.Y.; Fairmont, W. Va.; and Mount Sterling, Ky., had the highest shares, according to the Tracker.
Source: Ellie Mae
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