Millennial Mortgage Credit Scores Dip From 2016 to 2017
According to new stats from Ellie Mae, millennial mortgage credit scores have fallen from the period of November 2016 to November 2017.
"With the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae, in a press release, according to National Mortgage News.
According to Ellie Mae, the overall average dropped from 725 in 2016 to 723 in 2017. When compared to the Federal Housing Administration's millennial mortgage credit scores the average seems much more insignificant.
Ellie Mae's stats show that the already low score of 690 in 2016 dropped to 683. To see the change in credit scores for conventional refinance loans, conventional purchase loans, VA purchase and VA refinancing loans, click on the image above.