Posted 02/09/2018

by Aly J. Yale

Aly J. Yale is a mortgage and real estate writer based in Houston. Connect with her at or on Twitter

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Millennials keep refinancing, flock to Wyoming


Aly J. Yale

The Mortgage Reports Contributor

Refis on the rise

Inventory might be low, but that’s not stopping Millennials from upping their housing game. According to new data from Ellie Mae, Millennials are refinancing their existing home loans in droves.

Verify your new rate (Aug 18th, 2018)

The resurgence of refinance

Ellie Mae’s Millennial Tracker showed that refinances accounted for 15 percent of all Millennials’ closed loans in December – the third month in a row that share has held steady. It comes in just below the 17 percent peak for Millennial refis, reached in February 2017.

Should I refinance? Reduce your interest rate with 2018’s low rates

According to Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae, low interest rates were likely the driver. The average 30-year rate was 4.18 for the month, compared to 2017’s monthly average of 4.34.

“With seasonality and low inventory levels at the end of the year, Millennial borrowers continued to take advantage of refinancing options during the fourth quarter,” Tyrrell said. “Many may have been driven by a desire to take advantage of low interest rates given uncertainty about potential rate hikes in the new year.”

Refinances on conventional loans were highest. About 19 percent of all closed conventional loans in December were refis. FHA refinance loans came in at 6 percent of all closed loans for the month.

Verify your new rate (Aug 18th, 2018)

Top spots for Millennials

Millennials accounted for large shares of home buyers in December, but the place they claimed the biggest piece of the pie was Casper, Wyoming. According to Ellie Mae’s data, 71 percent of mortgage loans closed in the city were for Millennial buyers.

Hope for Millennials? The 15 best states for today’s young home buyers

Other cities with large Millennial shares were Williston, North Dakota, where Millennials made up 63 percent of closed loans, and Victoria, Texas, where the Millennial share clocked in at 61 percent. Mount Pleasant, Michigan, also came in with 61 percent.

Get today’s mortgage rates

There’s no telling if today’s low mortgage rates will last. Want to take advantage and refinance like many Millennials are doing? Shop around and see what rates you qualify for today.

Verify your new rate (Aug 18th, 2018)

Aly J. Yale

The Mortgage Reports Contributor

Aly J. Yale is a mortgage and real estate writer based in Houston. Connect with her at or on Twitter

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

2018 Conforming, FHA, & VA Loan Limits

Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)