Skip to main content

Millennial Home Refinancing at New Heights

Phil Hall
Nov 08, 2019
Millennials

Refinances represented 33 percent of all loans closed by Millennials in September, according to new data from Ellie Mae. This is up eight percent from August and marks the highest share of refinance activity since Ellie Mae began tracking this data in January 2016.
 
The share of refinances for conventional loans was 40 percent, up 11 percent from August to September. For VA loans, refinance share increased 10 percentage points to 48 percent. And the share of refinances for closed FHA loans was up by a relatively mild one percentage point to 10 percent. The average FICO score for Millennial borrowers in September was 729, higher than at any other point this year.
 
“Throughout 2019, we’ve seen Millennials refinancing in order to take advantage of low interest rates and in September about one out of every three loans closed by this demographic was a home refinance, the highest share we’ve seen since we launched the Millennial Tracker in January 2016,” said Joe Tyrrell, chief operating officer at Ellie Mae. “Lenders have done a great job educating millennials on recognizing refinance opportunities and as a result, this demographic has been able to lock in historically low rates. Going forward, we’ll be keeping a close eye on how these rates impact millennials looking to make a home purchase as well.”
 
 
Published
Nov 08, 2019
ChainLogix Appoints New Vice President, Operations

Jeryl Graham hired to accelerate growth in title & mortgage services.

Industry News
Oct 15, 2021
JPMorgan Chase To Commit $8.4M To Improve Household Stability For The Underserved

JPMorgan Chase announced six organizations that will receive philanthropic capital as part of the firm’s $400 million five-year commitment to improve housing affordability and stability for Black, Hispanic and Latino, and other underserved households.

Community
Oct 15, 2021
SRE Mortgage Alliance 'Restructuring & Reorganizing'

Owner of technology-based wholesale residential mortgage lender in El Segundo to determine organization's future.

Wholesale
Oct 15, 2021
Ginnie Mae Issued Record MBS Volume In FY2021

The record $939 billion issued included nearly $73 billion in September.

Industry News
Oct 14, 2021
UWM Completes Test Of Cryptocurrency Mortgage Payments

United Wholesale Mortgage evaluated and accepted the first-ever cryptocurrency mortgage payment in September and an additional five payments in October from borrowers.

Industry News
Oct 14, 2021
Arvielo Re-Appointed To HUD Advisory Committee

Nationwide mortgage lender New American Funding’s Co-Founder and President Patty Arvielo has been re-appointed to serve on the U.S. Department of Housing & Urban Development's Housing Counseling Federal Advisory Committee.

Industry News
Oct 13, 2021