Ellie Mae Millennial Tracker Data found that the found that millennials benefited most from August's low interest rates as the loans obtained by millennials had a rate of 3.76%. HousingWire staffer Brena Swanson takes a look at how interest rates have continued to drop with the average interest rate for a 30-year fixed mortgage currently sitting at 3.42% for the overall market.
As the interest rates continues to fall, the amounts for loans are increasing with the average loan for millennials in August increasing to $181,326 from $180,413 in August:
“In August, Millennial borrowers enjoyed the lowest average interest rates we have seen all year,” said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae. “And we are seeing average loan amounts creep up for conventional and FHA loans as millennials take advantage of these low rates.”