It took an average of 40 days to close for all home loans for Millennials during March, down by two days from February and marking the shortest closing period since February 2015, according to new data from Ellie Mae.
On average, refinances for Millennials took 42 days to close in March, 11 days faster than the month prior, while time to close a purchase plummeted from 45 to 39 days. For all loans closed by Millennials in March, 68 percent were conventional mortgages and 28 percent were FHA, while VA and other loans accounted for two percent and three percent, respectively.
“Homebuying tends to pick up in the spring and lower interest rates are intensifying this trend among Millennials,” said Joe Tyrrell, Executive Vice President of Strategy and Technology at Ellie Mae. “Likewise, lower interest rates are providing increased purchase power to Millennials, allowing them to participate in a very competitive home buying market.”