Women are the primary borrower on 32% of Millennial mortgages
Most are single, same can’t be said for men
Within the Millennial generation, women were listed as the primary borrower on more than one-third of closed loans, according to Ellie Mae’s Millennial Tracker.
Out of those 32% of closed loans where women were the primary borrower, more than 60% are single, and only 38% are married, according to the tool. On the other hand, of the loans where men are the primary borrower, just 41% are single while 58% are married.
“We are seeing a significant difference in marital status between male primary borrowers and female primary borrowers,” said Joe Tyrrell, Ellie Mae executive vice president of corporate strategy.
The Millennial Tracker is an interactive online tool showing Millennial loan trends in the U.S. from Ellie Mae, a provider of on-demand software solutions and services for the residential mortgage industry.
More Millennials tend toward FHA loans, which make up 37% of their closed loans. In the general population, FHA loans make up about 23% of total closed loans.
The average day for Millennials to close got just a little slower, from 43 days in April to 44 days in May.
The average FICO score among Millennials who closed loans is up from 721 in April to 722. The average FICO score for men was slightly higher than the average score for women at 724 versus 723.
The average age for women who closed on a loan was 29, while men came in slightly higher at 29.2.
That being said, homes owned by single men have a 10% greater value, and appreciate 16% more than homes owned by single women, according to an analysis released by RealtyTrac in May.