Closing times for millennials' loans were slightly quicker than closing times in the larger market during February.
At 44 days, millennials' average closing time was down from 46 in the overall mortgage market and two days faster than it was during the same month last year, according to Ellie Mae. Millennials' loans also closed five days faster than in January.
"We saw [millennials'] time to close decrease from 49 days in January to 44 days in February, which indicates our lenders are seeing more efficiency," said Joe Tyrrell, executive vice president of strategy for Ellie Mae, in a press release.
Average millennial purchase-loan closings took 42 days in February as compared to 46 days the month before and 44 days last February. Purchases had an 86% market share in February of this year.
Refinances closed by this demographic took 52 days to close on average, down from 58 days in January and 46 days in February a year ago.
The average time to close for VA-insured millennial loans in February was just 41 days, which is a steep drop from 57 days in February but higher than the average of 36 days a year ago. New short-term constraints the VA is placing on refinancing went
Federal Housing Administration-insured loan closing times also were compressed for millennials. FHA closings took 43 days on average, down from 47 days the previous month and also from 47 days in February of 2016.
Texas was the state with the hottest housing market for millennials in February. Among the top markets in that state for millennials were Odessa, Midland and Beaumont-Port Arthur.
