Ellie Mae’s Millennial Tracker shows gains in more affordable markets
Single millennials outpaced married ones for mortgage loans closed in July in Bay City, Michigan and Cheyenne, Wyoming.
In these two markets, 82% of closed loans in the month were from single millennials, followed closely by Norwalk, Ohio, on 80%.
The Ellie Mae Millennial Tracker shows that 53% of the singles were men, 40% were women, 7% unspecified. The average age of all Millennial borrowers was 29.8, essentially flat from 29.9 in June.
Millennial borrowers closing loans in July had an average FICO score of 720 and borrowed an average $172,904.
"Millennials are purchasing more homes than any other generation, and we're seeing many single borrowers take advantage of opportunities now rather than waiting to purchase a home around a big life event such as getting married or starting a family," said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. "We're also seeing Millennials get more for their money by purchasing homes in affordable markets."
Among the other markets where singles outpaced married millennials were: Batavia, NY; New Philadelphia-Dover, OH; Pocatello, ID; and Williston, ND.
Meanwhile, married millennials took a larger share of closed mortgage loans in July in: Aberdeen, SD (76%); Indiana, PA (71%); and Odessa, TX (69%).
Conventional purchase loans dominate
Purchases made up 90%of all closed loans to Millennials, slightly down from 91% in June. Eight percent of home loans were for refinances, holding steady from the month prior, while 2% were unspecified.
Conventional loans remained the most popular among Millennial borrowers at 68% of total closed loans in July while FHA loans accounted for 27%. VA loans were just 2% of all closed loans. The remaining 3% were undisclosed
