Millennial mortgage activity increases during peak of home-buying season

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Mortgage Professional America | Candyd Mendoza

Not even a nationwide lockdown could stop millennials from securing the lowest average interest rate on 30-year mortgages in May.

The average interest rates for millennials were lower in May, down to 3.42% from 3.48% in April, according to the Ellie Mae Millennial Tracker. Older millennials (borrowers between 30 and 40 years old) locked in an average of 3.41% interest rate, slightly lower than 3.42% for younger millennials (aged 21 to 29 years old).

With rates down to their lowest levels, the share of mortgage purchases made by all millennial borrowers grew from 45% to 47% – the first month-over-month increase since November 2019. Meanwhile, refinance share was still up at 39% in May.

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