Millennials Took Advantage of Lower Rate to Refinance, Latest Ellie Mae Millennial Tracker Finds
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 interest rates slightly falling in January, Millennials
took advantage of refinance opportunities,” said
Other key findings from the
- The share of Conventional loans increased to 69 percent of all closed loans, slightly up from 68 percent the month prior, while FHA loans held steady at 27 percent from December.
- The average FICO score of Millennial borrowers who closed on loans in January increased slightly to 722, up from 721 in December.
The top five markets for Millennial borrowers in January were
Warrensburg, Mo., Somerset, Pa., Ottumwa, Iowa, Minot, N.D., and Williston, N.D.
Ellie Mae®(NYSE: ELLI) is the leading cloud-based platform provider for the mortgage finance industry.
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
ABOUT ELLIE MAE
Ellie Mae, Inc.