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Millennial Mortgage Loan Amounts Grow in August

Source:  Mortgage Professional America

 

Despite higher rates, millennial borrowers took out mortgage loans at higher amounts than they did a year ago, according to data from the Millennial Tracker released by Ellie Mae.

 

Millennial borrowers closed loans in August with an average amount of $185,919, a slight increase from the $184,113 average loan amount in August last year. The change comes in spite of an increase in the average 30-year note rate to 4.211% from 3.706%.  Read More>>