The average time it took millennial mortgage borrowers to close a loan was 44 days in July, but swung from state to state, according to Ellie Mae®’s recently released Millennial Tracker™, a measure of millennial mortgage applications. Closing a purchase loan took 42 days, while closing a refinance loan took 46 days.
Time to close varied by state, with borrowers in California looking at a 37-day window and borrowers in New York looking at a 60-day window.
“Between the competitive housing market with limited inventory and the 30-year note rate at a 2017 low, some millennial homeowners may be deciding to stay put and take advantage of the opportunity to refinance,” said Joe Tyrrell, executive vice president of Corporate Strategy for Ellie Mae, in a statement. “With many more millennials interested in becoming homeowners for the first time, however, the purchase market is still very strong.”
The average time it took for millennial borrowers to close an FHA loan—one of the more popular types of loans for millennials—was 44 days, up by one day from June, according to the Tracker. The average time it took to close a VA loan was 50 days, up by five days from June.
Millennial borrowers’ average FICO score rose in July, to 724 from 723 in June.
Source: Ellie Mae