Evermobile Millennial Housing Demand Unchecked By Rising Mortgage Rates

Evermobile Millennial Housing Demand Unchecked By Rising Mortgage Rates

Image title


The housing demand among the ever-mobile Millennial generation went unchecked in August despite rising mortgage rates, according to the Ellie Mae Millennial Tracker.

In fact, despite Millennials’ average 30-year note increasing to 4.211%, up from 3.706% last year, their loan amounts also increased in August to $185,919. This is up from $184,113 in August 2016. Further, the generation is showing a growing willingness to shun the big cities and settle down in once-sleepy towns. 

“Average loan amounts in August of this year were slightly higher than last year, despite higher interest rates,” said Joe Tyrrell, Ellie Mae executive vice president of corporate strategy. “As tends to happen with tight inventories, this is a seller’s market, and many of today’s homebuyers may be faced with paying a premium for the same home they might have bought for less last year.”

“For those who are committed to buying a home, though, slight increases in competition, costs or interest rates will likely not deter them,” Tyrrell said.

Conventional loans held steady at 64%, and the share of FHA mortgages stayed at 32%, the same market shares they have held since June.

So what exactly did the average Millennial homebuyer look like in August? Ellie Mae shows us they were just over 29 years old, and took out a conventional loan of $185,919 on a home with an appraised value of $223,882. Their FICO score was 724, and, as seen above, their 30-year mortgage note rate was 4.2%.

These borrowers, of whom 52% were married, typically closed out their home-buying process in 44 days.

To continue reading click here!



Kelly Brown Headshot
Author:
Phone: 763-416-1279
Dated: October 10th 2017
Views: 44
About Kelly: I absolutely LOVE the Real Estate business! I’ve been drawn to Real Estate for years – it combin...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Homeowners Say Tax Reform Would Hurt Them - A majority of recently surveyed
44 Of Retirees Still Have A Mortgage - Many retirees are worried if’
2 Ways To Create A GiftWrapping Station - Wrapping gifts can be one of the
FHA To Stop Insuring Mortgages With PACE Loans - Last year, the Department of

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Don Edam
3217L Galleria
Edina, MN
612-840-7638


Other Locations