Millennials took advantage of the low mortgage rate landscape as their refinance share reached a high point since
After taking a leap in September, the refinance share continued to rise, ascending to 34% in October, up from a downwardly revised 11%
"Declining interest rates have significantly increased millennials' awareness of refinancing as a fiscally responsible option and we're seeing more and more homeowners in this demographic take advantage of refinancing their mortgages," Joe Tyrrell, chief operating officer at Ellie Mae, said in a press release.
"Heading into 2020, lenders should proactively reach out to prospective millennial homebuyers whose likelihood of purchasing a home has now increased due to these historically low interest rates."
The time to close a loan rose to 43 days, up one day from both the year and month prior. About 74% of mortgages completed in October were conventional and 21% were
The average
Married individuals represented approximately 57% of loans closed, while about 43% of primary borrowers were single. Nearly 60% were male, 30% female and 10% unspecified. The average loan amount jumped to $204,920 from $189,686 year-over-year.