Purchase loans from millennial borrowers increased in April from the previous month
Purchase loans to millennial borrowers rose to 89% in April from March’s 88%, according to Ellie Mae’s Millennial Tracker.
In April, closing time for loans for millennials went down by a day to 42 from 43 days in March. FHA loans were still popular for young folks, making up 35% of all April closed loans from 36% in March, and both conventional loans and FHA loans took 42 days to close, the same as March.
“This new generation of homebuyers is making its presence felt across the country,” said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. “Since the beginning of 2016, the percentage of Millennials purchasing homes in the Bay Area has actually increased from 16% to 20%.”
The top metro areas where millennials made up majority of closed loans in April were in Bardstown, Ky. (73%); Hobbs, N.M. (71%); Dalton, Ga. (65%); Victoria, Texas (63%); and Appleton, Wisc. (63%).
“In this purchase centric market, we anticipate a continued rise in more creative lending products to help increase millennials’ access to credit and continue to counter concerns that rising interest rates will stifle volume,” Tyrrell said.
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In April, closing time for loans for millennials went down by a day to 42 from 43 days in March. FHA loans were still popular for young folks, making up 35% of all April closed loans from 36% in March, and both conventional loans and FHA loans took 42 days to close, the same as March.
“This new generation of homebuyers is making its presence felt across the country,” said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. “Since the beginning of 2016, the percentage of Millennials purchasing homes in the Bay Area has actually increased from 16% to 20%.”
The top metro areas where millennials made up majority of closed loans in April were in Bardstown, Ky. (73%); Hobbs, N.M. (71%); Dalton, Ga. (65%); Victoria, Texas (63%); and Appleton, Wisc. (63%).
“In this purchase centric market, we anticipate a continued rise in more creative lending products to help increase millennials’ access to credit and continue to counter concerns that rising interest rates will stifle volume,” Tyrrell said.
Related stories:
First-time homebuyers made a strong impression in Q1
Millennials want to buy homes, value mortgage professionals
