Millennials Undeterred From Purchasing Homes Despite Rising Interest Rates, Latest Ellie Mae Millennial Tracker Finds

PLEASANTON, Calif.--(BUSINESS WIRE)--Millennials were not deterred from purchasing homes in October as the market continued to tighten, interest rates rose, and average loan amounts decreased. According to the latest Ellie Mae Millennial Tracker™ the average loan amount to Millennial borrowers for all closed loans was $189,686 in October, down from $192,005 in September, yet higher than last October’s average of $186,567. When men were listed as the primary borrower, the average closed loan in October was $198,864, compared to a much lower $188,607 when women were the primary borrower.