Conventional loans to millennials are on the rise, accounting for 69 percent of all millennial mortgages, according to the August Ellie Mae Millennial Tracker™, a measure of millennial mortgages. The figure is an increase from 64 percent the prior year, and the highest share since February 2015. Eighty-nine percent of conventional loans to millennials were on purchases.
“Our Millennial Tracker data shows that overall 69 percent of loans taken out by millennials were conventional loans, the highest percentage since 2015 and up 5 percent from the same period one year ago,” says Joe Tyrrell, executive vice president of Corporate Strategy for Ellie Mae. “As the industry continues to understand millennials and the new paradigms that a gig economy brings, we are seeing conventional loan products that are able to meet the needs of this important home-buying generation.”
Of all millennial mortgages, 27 percent were FHA and 2 percent were VA. (Three percent were not disclosed.)
Source: Ellie Mae
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