More than four in 10 millennials refinanced their mortgage in the past year, according to a report from LendingTree. Record-low mortgage rates fueled the number of refinances which nearly doubled the overall average.
During the pandemic, 26% of homeowners refinanced their mortgage, according to the report. Additionally, LendingTree reported that millennials were more likely than any other demographic to have refinanced in the last 12 months. While 42% of millennials refinanced within the last year, just 18% of Gen Xers and 10% of baby boomers refinanced during the same period.
“When broken down by region, homeowners in the Northeast and West were most likely to have refinanced over the last year,” according to the report. “A third of homeowners (33%) in both regions refinanced, compared with 25% of homeowners in the Midwest and 19% in the South.”
Mortgage rates recently fell below 3% during the 2021 spring buying season. This could bode well for millennials or any age group looking to refinance their mortgage to achieve a lower monthly payment.
Click here to read more from the LendingTree report.