Male millennials attained higher mortgages than female millennials in October, according to Ellie Mae®’s recently released Millennial Tracker™, a measure of applications by millennials for mortgages. Male millennials were approved for an average $197,820, while female millennials were approved for an average $186,567.
The amounts do not tell the whole story, however.
“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, in a statement. “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.”
Case in point: Female millennials took an average 42 days to close on their mortgage (both purchases and refinances), versus the average 43 days (for purchases) and 45 days (for refis) it took male millennials.
Source: Ellie Mae
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