Many millennials have moved to refinance, capitalizing on lower mortgage rates at the start of the year, according to the Ellie Mae Millennial Tracker, recently released.
 
In January, 14 percent of conventional millennial mortgages were refinances—a bump from 11 percent in December. FHA refinances rose from 6 percent to 7 percent, and VA refinances spiked from 27 percent to 35 percent.
 
"With average interest rates slightly falling in January, millennials took advantage of refinance opportunities," says Joe Tyrrell, executive vice president of Strategy and Technology at Ellie Mae. "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." 
 
Source: Ellie Mae

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