Millennial Borrowers Closing More Purchase Loans as Share of Refinances Drops, Latest Ellie Mae Millennial Tracker Finds

PLEASANTON, Calif.--(BUSINESS WIRE)--Despite a rise in interest rates and tight inventory, Millennials closed a higher share of purchase loans year-over-year in December 2018. According to the latest Ellie Mae Millennial Tracker, share of purchase loans rose 4 percent, accounting for 88 percent of all loans closed by members of the generation in December, compared to 84 percent for the same month in 2017. With interest rates for all 30-year loans reaching 5.12 percent on average, the highest since Ellie Mae began tracking this data in 2016, refinance rates dropped 5 percent year-over-year, comprising 10 percent of all closed loans in December 2018.