The latest report from Ellie Mae's Millennial Tracker shows an increase in conventional loans among millennials to 62% in July from 61% in June. HousingWire reporter Kelsey Ramirez explains that while millennials are moving slightly towards conventional loans, they are moving away from FHA loans with the percentage among millennials falling from 37% in June to 35% in July.
Joe Tyrrell, Ellie Mae executive vice president of corporate strategy, explains that as the percentage of conventional loans goes up, so does the average FICO score:
“The percentage of conventional loans has increased for the past two months, from May with 60% of all closed loans being conventional, to July which was at 62%,” Tyrrell said. “During that same time period the average FICO score increased from 722 in May to 725 in July.”