Percentage of Purchase Loans Increases to 87 Percent, Driving Time to Close Up, According to February Ellie Mae Millennial Tracker
ELLIE MAE (ELLI)
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Source: Business Wire
PLEASANTON, Calif.--(BUSINESS WIRE)-- As U.S. housing trends toward a buyer’s market, purchases accounted for 87 percent of all closed loans for the month of February, a slight uptick from 85 percent in January, according to the latest Ellie Mae Millennial Tracker™. Refinances fell two percentage points to 11 percent of all loans to Millennial borrowers. While they remained the most popular loan product among Millennial borrowers, share of Conventional loans slightly decreased from the month prior, representing 68 percent of all loans. The time for Millennial borrowers to close Conventional loans peaked in February to 46 days on average, up from 44 days the month prior and the longest average time to close since January 2017. Among Conventional loans closed by Millennials in February, it took 44 days on average to close a purchase (up from 42 days in January) and 53 days on average to close a refinance (
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