Millennials Took Advantage of Lower Rate to Refinance, Latest Ellie Mae Millennial Tracker Finds
06 Mars 2019 - 3:00PM
Business Wire
Millennial homebuyers took advantage of slightly lower interest
rates in January to refinance their mortgages. Refinances by
Millennial borrowers accounted for 13 percent of all closed loans,
the highest percentage since February 2018, according to the latest
Ellie Mae Millennial Tracker™. Similarly, the January Ellie Mae
Origination Insight Report, which explores trends among borrowers
of all ages, showed that refinances climbed to 35 percent of closed
loans in January, up from 29 percent in December of 2018.
Refinances also made up a larger share of each type of loan in
January. Refinances for Conventional loans for Millennial borrowers
rose to 14 percent, up from 11 percent in December, while FHA
refinances rose from 6 to 7 percent in January. During that same
time period, VA refinances rose to 35 percent, up from 27 percent
the month prior.
“With average interest rates slightly falling in January,
Millennials took advantage of refinance opportunities,” said Joe
Tyrrell, executive vice president of strategy and technology at
Ellie Mae. “While we continue to see Millennials enter the housing
market and exercise their purchase power, the uptick in refinances
may indicate maturity among this generation who previously
purchased a home and are looking for an opportunity to take
advantage of lower monthly interest payments.”
In January 2019, the average Millennial primary borrower
refinancing their home was 33 years old, with a FICO score of 728.
Two-thirds of those who refinanced were married (66 percent) while
one-third were single (33 percent), and one percent were
unspecified. Additionally, the majority of primary borrowers who
refinanced were male (63 percent).
Other key findings from the January 2019 Ellie Mae Millennial
Tracker include:
- The share of Conventional loans
increased to 69 percent of all closed loans, slightly up from 68
percent the month prior, while FHA loans held steady at 27 percent
from December.
- The average FICO score of Millennial
borrowers who closed on loans in January increased slightly to 722,
up from 721 in December.
- The top five markets for Millennial
borrowers in January were Warrensburg, Mo., Somerset, Pa., Ottumwa,
Iowa, Minot, N.D., and Williston, N.D.
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. News
organizations have the right to reuse this data, provided that
Ellie Mae, Inc. is credited as the source.
ABOUT ELLIE MAE
Ellie Mae (NYSE:ELLI) is the leading cloud-based platform
provider for the mortgage finance industry. Ellie Mae’s technology
solutions enable lenders to originate more loans, reduce
origination costs, and shorten the time to close, all while
ensuring the highest levels of compliance, quality and efficiency.
Visit EllieMae.com or call 877.355.4362 to learn more.
© 2019 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®,
Mavent®, Velocify®, the Ellie Mae logo and other trademarks or
service marks of Ellie Mae, Inc. appearing herein are the property
of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other
company and product names may be trademarks or copyrights of their
respective owners.
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version on businesswire.com: https://www.businesswire.com/news/home/20190306005142/en/
Erica HarvillEllie Mae, Inc.(925)
227-5913Erica.harvill@elliemae.com
Caitlin CoffeeAllison+Partners(312)
635-8204EllieMae@allisonpr.com
Ellie Mae, Inc. (NYSE:ELLI)
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