The percentage of refinances among millennials during October accounted for 51 percent of all closed loans, according to Ellie Mae’s latest Origination Insight Report.
Ellie Mae said October’s percentage of refinances among millennials was the highest since March 2015.
“Interest rates continued to decline in October which had homeowners reaching out to lenders as they look to save on their monthly mortgage payments,” Ellie Mae President and CEO Jonathan Corr said in a release. “We are seeing refinances surpass 50 percent of closed loans, which is proof that homeowners are taking advantage of the opportunity to lock in lower rates.”
The report said the 30-year note rate in October increased to 3.94 percent for all closed loans, up from 3.93 percent in September. It said the 30-year note rate for FHA loans decreased slightly from 3.96 percent in September to 3.94 percent in October, while the 30-year note rate for conventional loans increased from 3.96 percent in September to 3.98 percent in October
During October, the time to close all loans rose slightly to 44 days, up from 43 days in September, the report found. The time to close refinances increased to 42 days, up from 39 days the month prior and the time to close purchases jumped one day to 47 days.
For the second consecutive month, closing rates on all loans held at 78.1 percent, Ellie Mae said.