Refinance rates are up over 100% and according to Ellie Mae, millennials are driving this mortgage boom. Last June, refinance mortgage applications for millennials were about 8% and in 2019, has almost doubled to 14%. Just the fact that applications are up is great news for the mortgage industry as well as our country’s economy. Here’s why millennials are seeking lower interest rates.
We already know the Federal Reserve decided to keep interest rates low for the foreseeable future. This has been beneficial for homebuyers seeking dream homes but also for those looking to secure a lower mortgage interest rate. For millennials looking to reduce payments, and put more toward student loans or traveling, this is worth pursuing.
Here at AdvantageFirst Lending, we also saw an uptick in mortgage applications which has led to a few broken records, including the team funding $100 million in loan volume in the second quarter of this year. Yes, numbers don’t lie!
If you’re thinking about refinancing your home, don’t wait! Take advantage while mortgage interest rates are low and to the homeowner’s benefit. If you need more information about the refinance process before you pull the trigger, give us a call at 949-356-6400.