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Press Release

Savvy Millennials Took Advantage of Lower Rate to Refinance, According to September Ellie Mae Millennial Tracker™

PLEASANTON, Calif. – November 1, 2017 – Millennials showed their homebuying savvy as they continued to take advantage of lower interest rates in September to refinance their mortgages. Refinances by Millennial borrowers accounted for 14 percent of all closed loans, the highest percentage since February, according to the latest Ellie Mae Millennial Tracker™. Similarly, the September Ellie Mae Origination Insight Report, which explores trends among borrowers of all ages, showed that refinances climbed to 38 percent of closed loans.

Additionally, refinances for conventional loans for Millennial borrowers rose to 17 percent, up from 15 percent in August, while FHA refinances rose from 4 percent to 5 percent in September. During that same time period, VA refinances rose to 30 percent, up from 28 percent the month prior.

“With average interest rates falling to their lowest point in 2017, Millennials are taking advantage of refinance opportunities,” said Joe Tyrrell, executive vice president of corporate strategy for Ellie Mae. “While we are also seeing Millennials with more purchase power, the uptick in refinances indicates maturity among those Millennials who previously purchased a home and are looking for an opportunity to lower their monthly interest payments.”

In September 2017, the average Millennial primary borrower refinancing their home was 31.5 years old, with a FICO score of 732. Two-thirds of those who refinanced were married while one-third were single. Additionally, the majority of primary borrowers who refinanced were male.

Other key findings from the September 2017 Ellie Mae Millennial Tracker include:

  • The share of Conventional loans increased to 65 percent of all closed loans, up from 64 percent the month prior, while FHA loans decreased to 31 percent, down from 32 percent in August.
  • The average FICO score of Millennial borrowers who closed on loans in September decreased slightly to 723, down from 724 in August.
  • The top five markets for Millennial borrowers in September were Cumberland, Md., Gillette, Wyo., Williston, N.D., Cadillac, Mich. and Fairmont, W. Va.

Ellie Mae® (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry.

The Ellie Mae Millennial Tracker is an interactive online tool that provides access to up-to-date demographic data about this new generation of homebuyers. It mines data from a robust sampling of approximately 80 percent of all closed mortgages dating back to 2014 that were initiated on Ellie Mae’s Encompass® all-in-one mortgage management solution. Given the size of this sample and Ellie Mae’s market share, it is a strong proxy of Millennial mortgage indicators across the country. Searches can be tailored by borrower geography, age, gender, marital status, FICO score and amortization type.

For more information, visit http://elliemae.com/millennial-tracker.


The Ellie Mae Millennial Tracker focuses on Millennial mortgage applications during specific time periods. Ellie Mae defines Millennials as applicants born between the years 1980 and 1999. New data is updated on the first Monday of every month for two months prior.

The Millennial Tracker is a subset of our Origination Insight Report, which details aggregated, anonymized data pulled from Ellie Mae’s Encompass origination platform. Additional information regarding the Origination Insight Report can be found at http://elliemae.com/resources/origination-insight-reports. News organizations have the right to reuse this data, provided that Ellie Mae, Inc. is credited as the source.

About Ellie Mae

Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.


Erica Harvill
Ellie Mae, Inc.
(925) 227-5913

Alexandra Gardell Kreuter
(646) 428-0618

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© 2017 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.

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