Millennials took advantage of lower interest rates during January to refinance mortgages, according to the latest Ellie Mae Millennial Tracker.
Refinances by millennials during January accounted for 13 percent of all closed loans, the highest percentage since February 2018, the tracker found. Ellie Mae said refinances from all ages climbed to 35 percent of closed loans in January, up from 29 percent in December of 2018.
“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,” Ellie Mae Executive Vice President Joe Tyrrell said in a release.
During January, the average millennial primary borrower refinancing their home was 33 years old, with a FICO score of 728. Two-thirds of those who refinanced in January were married (66 percent), Ellie Mae found.
Ellie Mae said the top five markets for millennials in January were Warrensburg, Mo.; Somerset, Pa.; Ottumwa, Iowa; Minot, N.D.; and Williston, N.D.