Refinances by Millennial borrowers accounted for 13 percent of all closed loans in January, according to data from the
Ellie Mae Millennial Tracker. This marks highest percentage of refinancing activity among this youthful demographic since February 2018.
During January, the average Millennial primary borrower refinancing their home was 33 years old and carried a FICO score of 728. Two-thirds of the Millennials pursuing refinancing were married and one-third were single, and 63 percent of these borrowers were male.
“With average interest rates slightly falling in January, Millennials took advantage of refinance opportunities,” said Joe Tyrrell, Executive Vice President of Strategy and Technology at Ellie Mae. “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.”