(RECAP: Millennials reaped the most benefits from this year’s low interest rate in August, as the average rates on home loans obtained by the generation fell to 3.76% for the month, the latest Ellie Mae Millennial Tracker data found. Ellie Mae, which offers clients loan origination software, launched the tracking tool in May of this year to give lenders insight into the latest and largest generation of homebuyers, Millennials. As the home loan rate for Millennials decreases, the average loan amount to Millennial borrowers increased to $181,326, growing from July’s average of $180,413. The average loan amount for both conventional and FHA loans also increased, to $203,884 and $172,667, respectively. The report also noted that the average FICO score for Millennial borrowers remained stable at 725 in August after rising the past few months.)
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