Millennials Nonplussed by Rising Interest Rates – NMP Skip to main content

Millennials Nonplussed by Rising Interest Rates

Nov 14, 2018
Millennials are plunging ahead into homeownership, despite the growing expense contributed by rising interest rates, according to new data from Ellie Mae

Millennials are plunging ahead into homeownership, despite the growing expense contributed by rising interest rates, according to new data from Ellie Mae.
 
During September, 89 percent of Millennial loan volume was for home purchases, three percentage points higher than a year ago, while 88 percent of closed purchase loans activity by this demographic were conventional mortgages, compared to 81 percent in September 2017; only 27 percent of Millennial loan volume involved the FHA product and two percent relied on VA loans.
 
“Despite rising interest rates, Millennials are still looking to buy homes,” said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. “We’re still seeing the majority of Millennial loans fall into the conventional loan category, and with interest rates increasing, there is an even greater opportunity for the industry to educate these buyers on all of the options that they have available to them, including some of the higher loan-to-value products and FHA loan programs.”
 
Ellie Mae also determined that Millennial males, both single and married, were listed as the primary borrower on 61 percent of closed loans in September while women were listed on 32 percent and no specified gender was cited on the remainder. The average age of all Millennial borrowers was 29.7, almost equal to the 29.4 average age from a year ago.

 
About the author
Published
Nov 14, 2018
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Jul 02, 2026
President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Jun 24, 2026
Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Jun 18, 2026
Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Jun 18, 2026
Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Jun 17, 2026