But women close loans faster and have slightly lower FICO scores
Millennial men listed as primary borrowers receive about 6.03% higher home loans on average compared to their female counterparts, a recent analysis by Elli Mae revealed.
The firm’s Millennial Tracker for October found that male borrowers were approved for an average of $197,820, compared to $186,567 for women.
The $11,253 gap comes despite the same figures showing that women close mortgages faster. It took women an average of 42 days to close a loan, regardless of whether it was for a purchase or refinance. It took men an average of 43 days to close a purchase loan and 45 days to refinance.
Millennial women’s FICO scores were slightly lower than men’s. The average FICO score for a woman purchasing a home was 721, compared to 726 for men. Women who refinanced had an average FICO score of 730, compared to men whose average FICO score was 735.
“While men make up the larger percentage of overall millennial borrowers, most of them are married,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “An interesting trend we’ve been tracking all year is that single women are buying homes much more than single men. Sixty percent of women who were listed as the primary borrower in October were single, compared to 42 percent of men.”
Male and female primary borrowers from that same generation were more likely to purchase a home in the Midwest, where housing costs continued to remain attractive.
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The firm’s Millennial Tracker for October found that male borrowers were approved for an average of $197,820, compared to $186,567 for women.
The $11,253 gap comes despite the same figures showing that women close mortgages faster. It took women an average of 42 days to close a loan, regardless of whether it was for a purchase or refinance. It took men an average of 43 days to close a purchase loan and 45 days to refinance.
Millennial women’s FICO scores were slightly lower than men’s. The average FICO score for a woman purchasing a home was 721, compared to 726 for men. Women who refinanced had an average FICO score of 730, compared to men whose average FICO score was 735.
“While men make up the larger percentage of overall millennial borrowers, most of them are married,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “An interesting trend we’ve been tracking all year is that single women are buying homes much more than single men. Sixty percent of women who were listed as the primary borrower in October were single, compared to 42 percent of men.”
Male and female primary borrowers from that same generation were more likely to purchase a home in the Midwest, where housing costs continued to remain attractive.
Related stories:
Millennials plan to delay saving for a home says BoA
At last! Housing supply is expected to bounce back in 2018
