Millennials Took Advantage of Lower Rate to Refinance, Latest Ellie Mae Millennial Tracker Finds
ELLIE MAE (ELLI)
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Source: Business Wire
PLEASANTON, Calif.--(BUSINESS WIRE)-- Millennial homebuyers took advantage of slightly lower interest rates in January to refinance their mortgages. Refinances by Millennial borrowers accounted for 13 percent of all closed loans, the highest percentage since February 2018, according to the latest Ellie Mae Millennial Tracker™. Similarly, the January Ellie Mae Origination Insight Report, which explores trends among borrowers of all ages, showed that refinances climbed to 35 percent of closed loans in January, up from 29 percent in December of 2018. Refinances also made up a larger share of each type of loan in January. Refinances for Conventional loans for Millennial borrowers rose to 14 percent, up from 11 percent in December, while FHA refinances rose from 6 to 7 percent in January. During that same time period, VA refinances rose to 35 percent, up from 27 percent the month prior. “With average
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