Time to Close for Millennials Tapers to Fewest Days in a Year

The average time it takes millennial mortgage borrowers to close a loan tapered off to 44 days in February, the shortest time period since March 2016, according to Ellie Mae®’s recently released Millennial Tracker™, a measure of millennial mortgage applications. Closing a purchase loan took two days less than the average at 42 days, while closing a refinance loan took 52 days—both fewer days than in January.
“Purchase loans are increasing, indicating that millennials