{"id":391810,"date":"2020-12-02T09:04:08","date_gmt":"2020-12-02T14:04:08","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=391810"},"modified":"2020-12-02T09:04:08","modified_gmt":"2020-12-02T14:04:08","slug":"millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker\/","title":{"rendered":"Millennials Divided by Age on Loan Preferences According to Ellie Mae Millennial Tracker"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">PLEASANTON, Calif.<\/span>, <span class=\"xn-chron\">Dec. 2, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0FHA loan interest rates continued to decrease to historic lows in October, spurring millennials to take advantage of the government-backed home financing option, according to the latest <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2997740-1&amp;h=2451789914&amp;u=http%3A%2F%2Felliemae.com%2Fmillennial-tracker&amp;a=Ellie+Mae+Millennial+Tracker%E2%84%A2\" rel=\"nofollow noopener noreferrer\">Ellie Mae Millennial Tracker<sup>\u2122<\/sup><\/a>. Sixteen percent of home loans closed by millennial borrowers in October were FHA loans, secured with an interest rate of 2.99%. That is the lowest these rates have been since Ellie Mae began tracking this data in 2016. <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1061095\/Ellie_Mae_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1061095\/Ellie_Mae_Logo.jpg\" title=\"(PRNewsfoto\/ELLIE MAE)\" alt=\"(PRNewsfoto\/ELLIE MAE)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>&#8220;FHA loans were especially popular among younger millennials under age 30,&#8221; observed <span class=\"xn-person\">Joe Tyrrell<\/span>, president of ICE Mortgage Technology, a division of Intercontinental Exchange, Inc. (NYSE: ICE). &#8220;Nearly a quarter of them chose this financing option, in part because of the more flexible qualification criteria; however, older millennials preferred conventional loan products.&#8221; <\/p>\n<p>Ninety-three percent of all closed FHA loans to millennials were for purchases in October, down one percentage point from September, while seven percent of them were for refinances. Purchase loans closed by millennial borrowers \u2013 across all loan types \u2013 held steady month-over-month at 56 percent, as did refinances at 43 percent.\u00a0 <\/p>\n<p>Days-to-close across all loans remained the same from September to October at 49 days. FHA loans also took 49 days to close, which was a day longer than the prior month. There were also slight upticks in days-to-close for Conventional loans month-over-month from 49 to 50 days, and for VA loans from 55 to 60 days. <\/p>\n<p>The Ellie Mae Millennial Tracker provides more insights into two groups of millennial homebuyers: older millennials between 30 and 40 years old, and younger millennials between 21 and 29 years old.<\/p>\n<p>\n        <b>Ellie Mae Millennial Tracker \u2013 Older Millennials vs. Younger Millennials <\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbl1 prnpr14\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prnsbts prnrbrs prnvab prnsbbs prntac prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Older Millennials<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prnsbts prnrbrs prnvab prnsbbs prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Younger Millennials <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Closed Loans (Share) \u2014 All <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Refinance<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Purchase<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">76%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Loan Type &#8211; All<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">FHA<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Conventional<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">85%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">73%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">VA<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Time To Close (Days) \u2014 All<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">All<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">51<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">48<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Refinance<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">58<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Purchase<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">44<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">44<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Average Interest Rates <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30 Year Note Rate \u2014 ALL<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.98%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.97%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30 Year Note Rate \u2014 FHA<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.97%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.97%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnrbrs prnvab prnsbb1 prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30 Year Note Rate \u2014 Conventional<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.98%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.96%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30 Year Note Rate \u2014 VA<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.60%<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2.56%<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Average FICO<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">748<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">729<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>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&#8217;s Encompass<sup>\u00ae<\/sup> all-in-one mortgage management solution. Given the size of this sample, 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\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2997740-1&amp;h=940116260&amp;u=https%3A%2F%2Fwww.elliemae.com%2Fmillennial-tracker%2Fregister&amp;a=http%3A%2F%2Felliemae.com%2Fmillennial-tracker\" rel=\"nofollow noopener noreferrer\">http:\/\/elliemae.com\/millennial-tracker<\/a>. <\/p>\n<p>\n        <b>About the Ellie Mae Millennial Tracker<br \/><\/b>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 the Origination Insight Report, which details aggregated, anonymized data pulled from Ellie Mae&#8217;s Encompass origination platform. Additional information regarding the Origination Insight Report can be found at\u00a0<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2997740-1&amp;h=4028418066&amp;u=https%3A%2F%2Fwww.elliemae.com%2Fmortgage-data%2Forigination-insight-reports&amp;a=http%3A%2F%2Felliemae.com%2Fresources%2Forigination-insight-reports\" rel=\"nofollow noopener noreferrer\">http:\/\/elliemae.com\/resources\/origination-insight-reports<\/a><\/u>. News organizations have the right to reuse this data, provided that Ellie Mae, Inc. is credited as the source.<\/p>\n<p>\n        <b>About Ellie Mae<br \/><\/b>Ellie Mae, now ICE Mortgage Technology, a division of Intercontinental Exchange, Inc. (NYSE: ICE), is the leading cloud-based loan origination platform provider for the mortgage industry. Ellie Mae&#8217;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.\u00a0Visit \u202a<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2997740-1&amp;h=4047387683&amp;u=http%3A%2F%2Felliemae.com%2F&amp;a=EllieMae.com\" rel=\"nofollow noopener noreferrer\">EllieMae.com<\/a>\u00a0or call \u202a<a target=\"_blank\" href=\"tel:(877)%20355-4362\" rel=\"nofollow noopener noreferrer\">(877) 355-4362<\/a>\u00a0to learn more.<\/p>\n<p>\n        <i>\u00a9 2020\u00a0Ellie Mae, Inc.\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2997740-1&amp;h=1669055276&amp;u=https%3A%2F%2Fwww.elliemae.com%2F&amp;a=Ellie+Mae%C2%AE\" rel=\"nofollow noopener noreferrer\">Ellie Mae<sup>\u00ae<\/sup><\/a>,\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2997740-1&amp;h=1091841329&amp;u=https%3A%2F%2Fwww.elliemae.com%2Fencompass%2Fencompass-overview&amp;a=Encompass%C2%AE\" rel=\"nofollow noopener noreferrer\">Encompass<sup>\u00ae<\/sup><\/a>,\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2997740-1&amp;h=4162836776&amp;u=http%3A%2F%2Fwww.allregs.com%2F&amp;a=AllRegs%C2%AE\" rel=\"nofollow noopener noreferrer\">AllRegs<sup>\u00ae<\/sup><\/a>,\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2997740-1&amp;h=1541403209&amp;u=https%3A%2F%2Fwww.elliemae.com%2Fencompass%2Fmavent-compliance-service&amp;a=Mavent%C2%AE\" rel=\"nofollow noopener noreferrer\">Mavent<sup>\u00ae<\/sup><\/a>,\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2997740-1&amp;h=304905839&amp;u=https%3A%2F%2Fvelocify.com%2F&amp;a=Velocify%C2%AE\" rel=\"nofollow noopener noreferrer\">Velocify<sup>\u00ae<\/sup><\/a>, Capsilon<\/i><br \/>\n        <i><br \/>\n          <sup>\u00ae<\/sup><br \/>\n        <\/i><br \/>\n        <i>, the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.<\/i>\n      <\/p>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=SF08259&amp;sd=2020-12-02\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker-301183612.html\">http:\/\/www.prnewswire.com\/news-releases\/millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker-301183612.html<\/a><\/p>\n<p>SOURCE  Ellie Mae<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=SF08259&amp;Transmission_Id=202012020900PR_NEWS_USPR_____SF08259&amp;DateId=20201202\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire PLEASANTON, Calif., Dec. 2, 2020 \/PRNewswire\/ &#8212;\u00a0FHA loan interest rates continued to decrease to historic lows in October, spurring millennials to take advantage of the government-backed home financing option, according to the latest Ellie Mae Millennial Tracker\u2122. Sixteen percent of home loans closed by millennial borrowers in October were FHA loans, secured with an interest rate of 2.99%. That is the lowest these rates have been since Ellie Mae began tracking this data in 2016. &#8220;FHA loans were especially popular among younger millennials under age 30,&#8221; observed Joe Tyrrell, president of ICE Mortgage Technology, a division of Intercontinental Exchange, Inc. (NYSE: ICE). &#8220;Nearly a quarter of them chose this financing option, in part because of the more flexible &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Millennials Divided by Age on Loan Preferences According to Ellie Mae Millennial Tracker&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-391810","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Millennials Divided by Age on Loan Preferences According to Ellie Mae Millennial Tracker - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Millennials Divided by Age on Loan Preferences According to Ellie Mae Millennial Tracker - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire PLEASANTON, Calif., Dec. 2, 2020 \/PRNewswire\/ &#8212;\u00a0FHA loan interest rates continued to decrease to historic lows in October, spurring millennials to take advantage of the government-backed home financing option, according to the latest Ellie Mae Millennial Tracker\u2122. Sixteen percent of home loans closed by millennial borrowers in October were FHA loans, secured with an interest rate of 2.99%. That is the lowest these rates have been since Ellie Mae began tracking this data in 2016. &#8220;FHA loans were especially popular among younger millennials under age 30,&#8221; observed Joe Tyrrell, president of ICE Mortgage Technology, a division of Intercontinental Exchange, Inc. (NYSE: ICE). &#8220;Nearly a quarter of them chose this financing option, in part because of the more flexible &hellip; Continue reading &quot;Millennials Divided by Age on Loan Preferences According to Ellie Mae Millennial Tracker&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-02T14:04:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1061095\/Ellie_Mae_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Millennials Divided by Age on Loan Preferences According to Ellie Mae Millennial Tracker\",\"datePublished\":\"2020-12-02T14:04:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker\\\/\"},\"wordCount\":652,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1061095\\\/Ellie_Mae_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/millennials-divided-by-age-on-loan-preferences-according-to-ellie-mae-millennial-tracker\\\/\",\"name\":\"Millennials Divided by Age on Loan Preferences According to Ellie Mae Millennial Tracker - 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