More #Millennials Opting to Get Their #Mortgages #Refinance

More Millennials Opting to Get Their Mortgages Refinanced

Millennials are rushing to get their mortgage refinanced, according to new data released by Ellie Mae.

Refinance activity accounted for 45% of all loans closed by millennial borrowers in November, as determined by the latest Ellie Mae Millennial Tracker report. This represents a 3% increase from October and the highest percentage since May 2020.

On a year-over-year measurement, the refinance share of millennial mortgage activity was up by 14%. This upward motion coincided with the downward spiral of the average interest rate on all 30-year loans, which fell the eighth consecutive month down to 2.97%, the lowest level since Ellie Mae began tracking the data in January 2016.

The post More Millennials Opting to Get Their Mortgages Refinanced appeared first on theMReport.com.

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