For 32 percent of millennial homebuyers, women are the primary borrower

For millennial homebuyers, nearly one-third of women are listed as the primary borrower for closed loans, according to Ellie Mae’s Millennial Tracker.

Out of those women, 39 percent are married, while 61 percent are single. Meanwhile, of men, who make up 66 percent of overall primary borrowers for closed loans, 41 percent are single, while 58 percent are married. The average age for both genders is right around 29 years old, with men being a little older at 29.3.

“We are seeing a significant difference in marital status between male primary borrowers and female primary borrowers,” said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. “When women are listed as the primary borrower on a millennial loan, 61 percent of them are single. Conversely, when men are listed as the primary borrower on a millennial loan, only 41 percent of them are single.”

The average loan rate for millennial borrowers is $179,618, but it’s higher for millennial men, whose average loan came in at $191, 166. Millennials generally prefer to take closed loans, with 60 percent choosing those, and 37 percent choosing FHA loans. Forty-four days is the average for closing for millennial buyers, up one day from the previous month.

As for FICO scores, the average score for millennials with closed loans is 722, slightly higher for men at 724, compared to women at 723.

According to the release, the Ellie Mae Millennial Tracker focuses on millennial mortgage applications during specific time periods. Ellie Mae defines millennials as applicants born between the years 1980 and 1999. New data is updated on the first Monday of every month for two months prior.