Millennials Exercise Purchase Power in Home Loan Market – NMP Skip to main content

Millennials Exercise Purchase Power in Home Loan Market

Jun 07, 2018
Millennial homebuyers made their presence felt with gusto in April, according to new data from Ellie Mae

Millennial homebuyers made their presence felt with gusto in April, according to new data from Ellie Mae.
 
Despite a housing market with limited inventory and rising prices, 89 percent of mortgages made to Millennial borrowers during the month were for new home purchases, up one percentage point from the month prior. This also marked the highest percentage of purchase loans originated on behalf of Millennials since May 2017.
 
And despite interest rates that reached 4.73 percent, on average, during the month, the average loan amounts to Millennials fell from $192,055 in March to $188,171 in April. Conventional loans represented 67 percent of all closed loans to Millennial borrowers, while FHA loans accounted for 29 percent. VA purchase loans for Millennial borrowers represented 79 percent of all VA closed loans in April, unchanged from March.
 
“Most Millennials are buying a house because there are major changes happening in their lives such as starting a family, getting a new job, or because they’ve decided that they want to build equity and stop renting,” said Joe Tyrrell, Executive Vice President of Corporate Strategy for Ellie Mae. “We believe Millennial home purchases will continue to climb this summer and while interest rates may slightly impact the size of homes borrowers can get for their money, we don’t foresee it impacting their desire to buy.”

 
About the author
Published
Jun 07, 2018
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026