While the refinancing boom took a step back, millennials purchasing power grows in the low mortgage rate environment, according to
The purchase share gained momentum in November, climbing to 68% from 65%
"Millennials are well-educated on their options as homeowners and have played a major role in driving the refinance market in 2019," Joe Tyrrell, chief operating officer at Ellie Mae, said in a press release. "Interest rates increasing in November for the first time this year may indicate that the refinance boom has passed its peak, however rates are still relatively low and refinance share is up 21 percentage points year-over-year."
It took 43 days to close a loan, up a day from the year before and holding steady from the month prior. About 73% of mortgage completed in November were conventional, while 23% were
"For millennials, 29 and 30 are prime home buying ages and millions of millennials will reach this marker next year," added Tyrrell. "Millennials expect
The average
Married individuals represented approximately 57% of loans closed, while about 43% of primary borrowers were single. Nearly 59% were male, 31% female and 10% unspecified. The average loan amount jumped to $205,682 from $193,173 year-over-year.