Savvy Millennials Took Advantage of Lower Rate to Refinance, According to September Ellie Mae Millennial Tracker™
Additionally, refinances for conventional loans for Millennial borrowers rose to 17 percent, up from 15 percent in August, while FHA refinances rose from 4 percent to 5 percent in September. During that same time period, VA refinances rose to 30 percent, up from 28 percent the month prior.
“With average interest rates falling to their lowest point in 2017,
Millennials are taking advantage of refinance opportunities,” said
Other key findings from the
- The share of Conventional loans increased to 65 percent of all closed loans, up from 64 percent the month prior, while FHA loans decreased to 31 percent, down from 32 percent in August.
- The average FICO score of Millennial borrowers who closed on loans in September decreased slightly to 723, down from 724 in August.
The top five markets for Millennial borrowers in September were
Cumberland, Md., Gillette, Wyo., Williston, N.D., Cadillac, Mich.and Fairmont, W. Va.
The Ellie Mae Millennial Tracker is an interactive online tool that provides access to up-to-date demographic data about this new generation of homebuyers. It mines data from a robust sampling of approximately 80 percent of all closed mortgages dating back to 2014 that were initiated on Ellie Mae’s Encompass® all-in-one mortgage management solution. Given the size of this sample and Ellie Mae’s market share, it is a strong proxy of Millennial mortgage indicators across the country. Searches can be tailored by borrower geography, age, gender, marital status, FICO score and amortization type.
For more information, visit http://elliemae.com/millennial-tracker.
ABOUT THE ELLIE MAE MILLENNIAL TRACKER
The Ellie Mae Millennial Tracker focuses on Millennial mortgage applications during specific time periods. Ellie Mae defines Millennials as applicants born between the years 1980 and 1999. New data is updated on the first Monday of every month for two months prior.
The Millennial Tracker is a subset of our Origination Insight Report,
which details aggregated, anonymized data pulled from Ellie Mae’s
Encompass origination platform. Additional information regarding the
Origination Insight Report can be found at http://elliemae.com/resources/origination-insight-reports.
News organizations have the right to reuse this data, provided that
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