Millennials Contributing To Heavy Refi Boom
Ellie Mae's Millennial Tracker revealed that 43% of all closed loans for millennials in September were made up of refinances, up 3% from the previous month.
According to the report, refinances made up 51% of Conventional loans in September, which happens to be the highest percentage since June and is a 48% increase from the previous month.
In September, Ellie Mae reports that older millennials were able to secure interest rates of 3.00% compared to 2.98% for younger millennials. Both groups saw an increase in refinance loans.
"We have seen a steady increase in refinances among millennials over the past month, as homeowners took advantage of historically low interest rates," said Joe Tyrrell, president, ICE Mortgage Technology, a division of Intercontinental Exchange, Inc. "However, the bulk of the millennial generation is still entering the market as first-time homebuyers and they're swooping up the limited inventory that is available in most markets."
Ellie Mae reported that conventional purchase loans dipped to 48% for the month, down from 52% in August. The millennial tracker also shows that VA refinances stayed steady at 35% month-over-month and VA purchase loans held at 65% month-over-month fro the same time period.
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