Millennial Home Refinances Continue to Rise as Purchase Percentage Dips, According to Latest Ellie Mae Millennial Tracker
Summary
Lack of affordable homes in growing markets also led to purchases dipping for the second month in a row, accounting for 74% of all closed loans. “We are seeing Millennial homeowners who may have purchased homes only a few years ago quickly taking advantage of the industry’s extremely low interest rates,” said Joe Tyrrell, chief operating officer at Ellie Mae. “We will also be watching to see if the increased purchase power from a lower rate environment enables some Millennials to make the leap into homeownership as we enter the fall homebuying season.” Ellie Mae® 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. Searches can be tailored by borrower geography, age, gender, marital status, FICO score and amortization type.