The average interest rates on all 30-year notes dipped to 3.11% in August – the lowest since Ellie Mae began tracking this data – spurring a surge in refinances for millennial homeowners, according to the latest Ellie Mae Millennial Tracker. Refinances climbed to 40% of all closed loans for millennials in August, up 2% from the previous month. Tight inventory across markets also led to purchases dipping for the month, accounting for 59% of all closed loans. This was a stark contrast to August 2019, when purchases accounted for 74% of closed loans and the average 30-year note was 4.06%.

Refinances accounted for 48% of Conventional loans in August, up from 46% the month prior, and up from only 29% of closed Conventional loans in August of 2019. Conventional purchase loans shrunk to 52% for the month, down from 53% in July. VA refinances rose to 35% in August, a steady month-over-month increase from 31%. VA purchase loans fell from 69% to 65% during this same time period. Meanwhile, FHA percentages have held steady for the past three months.

Time-to-close for all loans increased to 47 days in August, compared to 45 in July, and 42 days in August 2019. Given the increase in refinances, the time-to-close on refinance loans also increased by one day, month-over-month, to 53 days in August. That was 11 days longer than the comparable timeframe last year. Purchase loans also increased by one day year-over-year to 42.

“Given the historically low interest rates, lenders are handling more loans now than they ever have 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 manufacture loans and collaborate with key parties during closing. They can seamlessly process the influx of loans they’re facing and focus on building better relationships with borrowers.”

ICE Mortgage Technology, part of Intercontinental Exchange, Inc. (NYSE: ICE) is made up of the innovation and expertise of Ellie Mae, Simplifile and MERS.  It is the only player who can truly automate the entire mortgage process from point of homebuyer interest to application to closing, post-closing and recording, to the data that powers smart decision making. By offering a single platform to connect the technology and innovation with the largest network, ICE Mortgage Technology has the power to touch any mortgage.

The Ellie Mae Millennial Tracker offers insights into two groups of millennial homebuyers: older millennials between 30 and 40 years old, and younger millennials between 21 and 29 years old.

In August, older millennials locked in slightly higher interest rates of 3.105%, on average, compared to 3.087% for younger millennials. With both sub-groups seeing historically low interest rates, the share of refinance loans increased for both sub-groups of millennials.

Ellie Mae Millennial Tracker – Older Millennials vs. younger Millennials

Older MillennialsYounger Millennials
Closed Loans (Share) — All
Loan Type — All
Time To Close (Days) – All
Average Interest Rates
30 Year Note Rate — ALL3.10%3.08%
30 Year Note Rate — FHA3.09%3.08%
30 Year Note Rate — Conventional3.10%3.08%
30 Year Note Rate — VA2.74%2.74%
Average FICO748727

The Ellie Mae Millennial Tracker is an interactive online tool that provides access to up-to-date demographic data about this new generation of homebuyers. It mines data from a robust sampling 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. Given the size of this sample and Ellie Mae’s market share, it is a strong proxy of Millennial mortgage indicators across the country. Searches can be tailored by borrower 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 Millennial 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 every month for two months prior. The Millennial Tracker is a subset of our Origination Insight Report, which details aggregated, anonymized data pulled from Ellie Mae’s Encompass origination platform. Additional information regarding the Origination Insight Report can be found at News organizations have the right to reuse this data, provided that Ellie Mae, Inc. is credited as the source.

About Ellie Mae

Ellie Mae, now part of Intercontinental Exchange, Inc. (NYSE: ICE), is the leading cloud-based platform provider for the mortgage industry. Ellie Mae’s technology solutions enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit or call 877.355.4362 to learn more.


Erica Bigley
Ellie Mae, Inc.
(925) 227-5913

Caitlin Coffee
(312) 635-8204