Stefanie Lukasik No Comments

2020 brought a lot of new realities into our lives – one of them being ultra-low mortgage rates.

With national mortgage refinancing rates hovering at record lows, many millennials have been taking action to lower their monthly payments and see significant savings long-term. According to the latest *Ellie Mae Millennial Tracker, refinance activity climbed to 45% of all loans closed by millennial borrowers in November 2020, up three percentage points from the month prior, and the highest percentage since May 2020. Their year-over-year, refinance share – the percentage of all loans closed by millennial borrowers during the month that were refinances – increased by 14 percentage points.

Ellie Mae divides millennials into two groups – older millennials (30-40) and younger millennials (21-29). Older millennials refi share reach 52% in November 2020, more than double the share of younger millennials. However, both millennial sub-groups secured historically low average interest rates; 2.97% and 2.94%, respectively.


By December 2020, refinance activity for older millennials jumped to 53%. While younger millennials refi share jumped from 24% in November to 26% in December. With millennial refinance activity continuing to tick up – it’s important now more than ever before for loan officers to reach this eligible group of homeowners, the question is: how?

When most of us think of the millennials, we picture digitally obsessed adults who are glued to their screens. However, millennials surprisingly respond best to a low-tech marketing approach, as in physical, “old-fashioned” postal mail. USPS reported that 84% of Millennials take the time to look through their postal mail and that 64% would rather scan for useful information from their mailbox over email. Not only that, 90% of millennials believe Direct Mail Marketing is a more reliable form of advertising. Check out our article on “10 Reasons Why Millennials Love Direct Mail” to read more interesting stats.

Camber can help get you reach your ideal 20-40 something customer. Our lead generation experts can guide you through your own proven and targeted mortgage marketing campaign and help you reach your ideal customer and rise above the digital noise!