Mortgage Rates Fall, Number of Closed Days Rising, Says Ellie Mae Millennial Tracker

PLEASANTON, California, October 7, 2020 / PRNewswire / – Average interest rates on all 30-year notes fell to 3.11% in August – the lowest since Ellie Mae started tracking this data – prompting an increase in refinances for millennial owners, according to the latest Ellie Mae’s Millennial Tracker. Refinances reached 40% of all closed loans for millennials in August, up 2% from the previous month. Tight stocks in the markets also drove lower purchases for the month, accounting for 59% of all loans closed. It was a stark contrast to August 2019, when purchases represented 74% of closed loans and the 30-year average rating was 4.06%.

Refinances represented 48% of conventional loans in August, up from 46% the previous month and only 29% of conventional loans closed in August 2019. Conventional purchase loans fell to 52% for the month, from 53% in July. VA refinances reached 35% in August, a steady month-over-month increase from 31%. VA purchase loans have increased from 69% to 65% during this same period.

Meanwhile, the FHA percentages have remained stable over the past three months.

The deadline for closing all loans was reduced to 47 days in August, from 45 in July, and to 42 days in August 2019. As a result of the increase in refinancings, the time to close refinance loans also increased on a day-to-month basis, reaching 53 days in August. This was 11 days longer than the comparable period last year. Loans to purchase also increased year-on-year to 42.

“With historically low interest rates, lenders are handling more loans than they’ve ever done before and they need tools to streamline and automate the process,” said Joe tyrrell, President, ICE Mortgage Technology. “The Ellie Mae digital lending platform offers loan production and closing solutions that allow retail and wholesale lenders to seamlessly fabricate loans and collaborate with key parties on closing. They can transparently process the influx of loans they face and focus on building better relationships with borrowers. “

ICE Mortgage Technology, which is part of Intercontinental Exchange, Inc. (NYSE: ICE) is comprised of the innovation and expertise of Ellie Mae, Simplifile and MERS. It is the only actor who can truly automate the entire mortgage process, from the buyer’s point of interest, on-demand, closing, post-closing and registration, to the data that fuel intelligent decision-making. By providing a single platform to connect technology and innovation to the largest network, ICE Mortgage Technology has the power to touch any mortgage.

The Ellie Mae Millennial Tracker offers insight into two groups of Millennials buyers: older millennials between 30 and 40 and younger people between 21 and 29.

In August, older millennials locked in slightly higher interest rates of 3.105%, on average, compared to 3.087% for younger ones. With both subgroups recording historically low interest rates, the share of refinancing loans increased for both subgroups of millennials.

Ellie Mae Millennial Tracker – Older Millennials vs. Younger millennials

Older millennials


Closed Loans (Sharing) – All




To buy



Loan Type – All













Closing time (days) – All







To buy



Average interest rates

30 Year Note Rates – ALL



30 Year Note Rate – FHA



30-Year Note Rate – Conventional



30 Year Note Rate – VA



Average FICO



Ellie Mae Millennial Tracker is an interactive online tool that provides access to up-to-date demographics on this new generation of buyers. It pulls data from a robust sample of approximately 80% of all closed mortgages dating back to 2014 that were initiated on Ellie Mae’s Encompass® all-in-one mortgage management solution. Considering the size of this sample and Ellie Mae’s market share, this is a powerful indicator of Millennium Mortgage Indicators across the country. Searches can be tailored based on borrower’s geography, age, gender, marital status, FICO score, and amortization type. For more information visit

About the Ellie Mae Millennial Tracker
The Ellie Mae Millennial Tracker focuses on millennium 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 each month for the two preceding months. The Millennial Tracker is a subset of our Origination Insight report, which details aggregated and anonymized data pulled from Ellie Mae’s original Encompass platform. Additional information about the Origination Insight report is available at News agencies have the right to reuse this data, provided Ellie Mae, Inc. is cited as the source.

About Ellie Mae
Ellie Mae, now part of Intercontinental Exchange, Inc. (NYSE: ICE), is the leading provider of cloud platforms for the mortgage industry. Ellie Mae’s technology solutions enable lenders to make more loans, lower origination costs and reduce closing time, while ensuring the highest levels of compliance, quality and efficiency. Visit or call 877.355.4362 to find out more.

© 2020 Ellie Mae, Inc. Ellie Mae®, Encompass®, All registers®, Mavent®, Velocify®, the Ellie Mae logo, and other Ellie Mae, Inc. trademarks or service marks 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.

SOURCE Ellie Mae

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