The average FICO score for millennials who closed mortgage loans in November declined, according to the latest Ellie Mae Millennial Tracker.
In November 2016, the average FICO score on a closed FHA refinance loan to a millennial borrower was 678; that average dropped to 669 in November 2017. On a year-over-year basis, average FICO scores for millennials on closed VA refinance loans decreased from 725 to 710.
Ellie Mae said the average FICO score for all closed loans to millennials in November was 723, down compared with 725 one year ago.
“With the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market,” Ellie Mae Executive Vice President of Corporate Strategy Joe Tyrrell said in a release. “While these scores are still significantly above the levels seen a few years ago, it is encouraging to see increased accessibility, especially as the millennial population continues to pursue home ownership.”
According to the millennial tracker, the average time to close across all loans in November increased to 44 days, up from 43 days in October. Additionally, men were the majority of primary borrowers in November, with women making up one-third (32 percent) of closed loans.
The tracker also identified Toccoa, Ga. (77 percent); Victoria, Texas (76 percent); Aberdeen, S.D. and Casper, Wyo. (both 65 percent) as the metropolitan areas with the highest percentage of millennial mortgage loans in November.