The monthly share of refinances closed by millennials rose to a new high in October, according to the latest Ellie Mae Millennial Tracker report.
Refinances accounted for 34% of all loans closed in October by millennials, up one percentage point from the previous month, according to Ellie Mae. That’s the highest refinance share since Elliee Mae started tracking the data in January 2016.
“Declining interest rates have significantly increased millennials’ awareness of refinancing as a fiscally responsible option and we’re seeing more and more homeowners in this demographic take advantage of refinancing their mortgages,” said Joe Tyrrell, Ellie Mae’s chief operating officer, Joe Tyrrell.
He said, “Heading into 2020, lenders should proactively reach out to prospective millennial homebuyers whose likelihood of purchasing a home has now increased due to these historically low interest rates.”