More Than 4 In 10 Millennials Refinanced In The Past Year – NMP Skip to main content

More Than 4 In 10 Millennials Refinanced In The Past Year

Navi Persaud
Apr 22, 2021
Photo of a woman on the phone while working on her laptop at home.

More than four in 10 millennials refinanced their mortgage in the past year, according to a report from LendingTree. Record-low mortgage rates fueled the number of refinances which nearly doubled the overall average.

During the pandemic, 26% of homeowners refinanced their mortgage, according to the report. Additionally, LendingTree reported that millennials were more likely than any other demographic to have refinanced in the last 12 months. While 42% of millennials refinanced within the last year, just 18% of Gen Xers and 10% of baby boomers refinanced during the same period.

"When broken down by region, homeowners in the Northeast and West were most likely to have refinanced over the last year," according to the report. "A third of homeowners (33%) in both regions refinanced, compared with 25% of homeowners in the Midwest and 19% in the South."

Mortgage rates recently fell below 3% during the 2021 spring buying season. This could bode well for millennials or any age group looking to refinance their mortgage to achieve a lower monthly payment.

Click here to read more from the LendingTree report.

Published
Apr 22, 2021
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Tech
Nov 29, 2021
Guaranteed Rate's Banosian Funds $2B In Total Loan Volume

The mortgage industry shouldn't be surprised by Guaranteed Rate's top loan officer, Shant Banosian, funding $2 billion in total loan volume during a record-breaking year. After all, “The Billion Dollar Man” is one of the top 5 loan originators in the U.S.

Wholesale
Nov 29, 2021