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Low mortgage rates could be a boon for millennial homebuyers

Oct 11, 2016
Low mortgage rates could particularly expand the buying power for millennial, first-time purchasers, according to Ellie Mae’s monthly Millennial Tracker. Interest rates decreased to 3.763 percent in August, according to Ellie Mae. The average loan amount to millennial borrowers rose to $181,326 from July’s average of $180,413.
Lower rates can be a boon for many consumers – such as home owners looking to refinance – but the low rates may help get first-time home buyers on the move, according to Ellie Mae’s report.
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