What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Mortgage

Ellie Mae: Millennials’ interest in mortgage refinance spikes

In January, refis by Millennial borrowers accounted for 13% of closed loans

In January, slightly lower interest rates led to Millennial homebuyers increasing their requests to refinance their mortgages.

In fact, according to Ellie Mae’s latest Millennial Tracker survey, refinances climbed to 35% in January, and a whopping 13% belonged to Millennial borrowers. This is the highest percentage since way back in February of last year. 

“With average interest rates slightly falling in January, Millennials took advantage of refinance opportunities,” Ellie Mae Executive Vice President of Strategy and Technology Joe Tyrrell said. “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.”

Notably, Ellie Mae also discovered that refinances made up a larger share of each loan type in January. Of these loans, Millennial refinances for conventional loans rose to 14%, FHA refinances slightly increased to 7% and VA refinances climbed to 35%.

Interestingly,​​​ the Millennial Tracker showed that the average age of Millennial borrowers in January was 33, with males listed as the primary borrower on 63% of closed loans. Furthermore Ellie Mae's data also indicates that 66% of those who refinanced were married, while 33% were single and 1% were unspecified.

Lastly, the average FICO score for Millennial borrowers edged up to 722 in January, inching forward from 721 back in December, according to Ellie Mae.

NOTE: The Ellie Mae Millennial Tracker provides access to up-to-date demographic data about Millennial homebuyers, mining data from approximately 80% of all closed mortgages dating back to 2014.

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