Refinances Remain Steady in Last Quarter of 2017 According to December Ellie Mae Millennial Tracker™
Specifically, the percentage of Conventional refinances remained at 19 percent, holding steady since October, while FHA refinance loans stayed at six percent from the month prior. The percentage of Conventional purchase and FHA purchase loans also remained the same from November to December at 80 and 94 percent, respectively.
“With seasonality and low inventory levels at the end of the year,
Millennial borrowers continued to take advantage of refinance options
during the fourth quarter,” said
Other statistics of note for Millennial borrowers in December included:
- The average 30-year note increased slightly from 4.18 in November to 4.22 in December, still lower than 2017’s highest monthly average of 4.34 in April.
- The average time to close all loans held at 44 days in December.
Average time to close a refinance held at 45 days, while the time to
close a purchase also remained flat at 42 days, the same since
- Average FICO scores for all closed loans fell one point from the month prior to 722.
The top Metropolitan Statistical Areas (MSAs) for Millennials by
percentage of mortgage loans closed in December included
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.
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