Median Age, Credit Scores For High-End Borrowers Fall
New York, NY, July 14, 2014 -- The median age of borrowers seeking high balance mortgages has declined steadily over the last three years, according to private lender LoanDepot.
According to the firm, the median age for its borrowers of more than $417,000 was 38½ years old in the second quarter, down from a median age of 41 in the same quarter last year.
During the last three months of 2011, the median age was 49½.
Also, the median credit score for mortgages declined, which may show that an easing of credit requirements may be helping some borrowers.