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The recent rate drops have presented strong opportunities for refinancing, and it seems most recently that millennials are leading the way.
The Mortgage Bankers Association announced this past Friday that refinance applications were up 116% last week compared to one year ago. Millennials in particular contributed to 14% of the applications this past June.
According to a report from CNBC:
Quicken Loans, the nation’s largest mortgage lender, just saw the best quarter for mortgage originations in the company’s 34-year history. It originated more than $11 billion in mortgage volume in June alone, the highest for any month ever, according to a release. That brought the total quarter volume to a record $32 billion. It is now looking to hire 1,300 more employees, the majority at its Detroit headquarters.
Locking into the lower mortgage rates isn’t specific to just millennials. Existing homeowners may consider refinancing to lower monthly payments, shop around for better rates, or consolidate debt.
Overall, the recent action around mortgage applications added 1.5 million borrowers who may qualify for these benefits of refinancing, into the pool of applicants.