According to the latest Millennial Tracker from ICE Mortgage TechnologyTM, a division of Intercontinental Exchange, Inc. (NYSE: ICE) and the leading cloud-based loan origination platform provider for the mortgage industry, average interest rates for all millennials reached 2.88% in January – the lowest percentage since ICE Mortgage Technology began tracking the data in 2016. Older millennials (between 30-40 years old) and younger millennials (between 21-29 years old) took advantage of these low rates in different ways.
Older millennials closed more refinance loans in January than their younger counterparts, with refinances accounting for 59% of all closed loans for the cohort, while purchases represented 40%. Conversely, 71% of closed loans by younger millennials were for purchases and 29% of loans were for refinances.
“Although refinances are continuing to grow in popularity for both millennial cohorts, older millennials are still driving the majority of this boom,” said Joe Tyrrell, president of ICE Mortgage Technology. “While some younger millennial homeowners are exploring refinancing, most of this sub-group still remains focused on breaking into the housing market and purchasing their first home.”
Despite the inverse in types of loans closed by older and younger millennials in January, both sub-groups have seen steady consecutive increases in refinance share and decreases in purchase activity since July 2020. In January, refinance share for older millennials increased six percentage points to 59%, up from 53% the month prior. Younger millennials also saw an increase in refinance share from 26% in December to 29% in January.
Younger millennials were also able to secure lower average interest rates compared with their older counterparts. Younger millennials secured an average interest rate of 2.83% across all loan types, while older millennials secured an average rate of 2.89%.
ICE Mortgage Technology Millennial Tracker – Older Millennials vs. Younger Millennials
Older Millennials
Younger Millennials
Closed Loans (Share) — All
Refinance
59%
29%
Purchase
40%
71%
Loan Type - All
FHA
11%
22%
Conventional
86%
74%
VA
1%
1%
Other
2%
3%
Time To Close (Days) — All
All
55
52
Refinance
57
55
Purchase
50
48
Average Interest Rates
30 Year Note Rate — ALL
2.89%
2.83%
30 Year Note Rate — FHA
2.84%
2.81%
30 Year Note Rate — Conventional
2.90%
2.85%
30 Year Note Rate — VA
2.46%
2.56%
Average FICO
748
729
The ICE Mortgage Technology 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 ICE Mortgage Technology’s Encompass®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 http://icemortgagetechnology.com/millennial-tracker .
About the ICE Mortgage Technology Millennial Tracker
The ICE Mortgage Technology Millennial Tracker focuses on millennial mortgage applications during specific time periods. ICE Mortgage Technology 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 Encompass by ICE Mortgage Technology origination platform. Additional information regarding the Origination Insight Report can be found at http://icemortgagetechnology.com/resources/origination-insight-reports . News organizations have the right to reuse this data, provided that ICE Mortgage Technology, Inc. is credited as the source.
About ICE Mortgage Technology
ICE Mortgage Technology, a division of Intercontinental Exchange, Inc. (NYSE: ICE), combines the innovation and expertise of Ellie Mae, Simplifile and MERS to automate the entire mortgage process from consumer engagement through loan registration and every step and task in between. ICE Mortgage Technology is the leading cloud-based loan origination platform provider for the mortgage industry with solutions that 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. Visit ICEMortgageTechnology.com or call (877) 355-4362 to learn more.
© 2021 Ellie Mae, Inc., doing business as ICE Mortgage Technology. All rights reserved. Encompass®, Millennial Tracker™, and the ICE Mortgage Technology logo are trademarks of the entities of ICE Mortgage Technology.
Source: Intercontinental Exchange
洲際交易所(NYSE:ICE)旗下的洲際交易所(NYSE:ICE)旗下領先的基於雲的抵押貸款發放平臺提供商ICE Mortgage TechnologyTM發佈的最新千禧一代追蹤報告顯示,今年1月,所有千禧一代的平均利率達到2.88%--這是ICE Mortgage Technology自2016年開始追蹤該數據以來的最低百分比。年長的千禧一代(30-40歲)和年輕的千禧一代(21-29歲)以不同的方式利用了這些低比率。
今年1月,年長的千禧一代完成了比年輕千禧一代更多的再融資貸款,再融資佔該羣體所有已完成貸款的59%,而購買量佔40%。相反,年輕千禧一代關閉的貸款中,71%用於購買,29%用於再融資。
洲際交易所抵押貸款技術公司(ICE Mortgage Technology)總裁喬·泰雷爾(Joe Tyrrell)表示:“儘管再融資對這兩個千禧一代的人氣持續增長,但年長的千禧一代仍在推動這股熱潮的大部分。”“雖然一些較年輕的千禧一代房主正在探索再融資,但這一羣體中的大多數人仍專注於打入房地產市場,購買他們的第一套住房。”
儘管年長和年輕的千禧一代在1月份關閉的貸款類型相反,但自2020年7月以來,這兩個子羣體的再融資份額都穩步上升,購買活動減少。1月份,老年千禧一代的再融資份額增加了6個百分點,達到59%,高於前一個月的53%。年輕的千禧一代的再融資份額也從去年12月的26%上升到1月份的29%。
與年長的千禧一代相比,年輕的千禧一代也能夠獲得更低的平均利率。年輕的千禧一代在所有貸款類型上的平均利率為2.83%,而年長的千禧一代的平均利率為2.89%。
ICE抵押貸款技術千禧一代跟蹤器-老年千禧一代與年輕千禧一代
年長的千禧一代
年輕的千禧一代
封閉式貸款(份額)-全部
再融資
59%
29%
購進
40%
71%
貸款類型-全部
FHA
11%
22%
傳統型
86%
74%
弗吉尼亞州
1%
1%
其他
2%
3%
關閉時間(天)-全部
全
55
52
再融資
57
55
購進
50
48
平均利率
30年期債券利率-全部
2.89%
2.83%
30年期債券利率-FHA
2.84%
2.81%
30年期債券利率-常規
2.90%
2.85%
30年期票據利率-VA
2.46%
2.56%
平均FICO
748
729
ICE Mortgage Technology千禧年跟蹤器是一個交互式在線工具,提供有關新一代購房者的最新人口統計數據。它從ICE Mortgage Technology的Encompass®All-in-One抵押貸款管理解決方案啟動的所有已結清抵押貸款中約80%的穩健抽樣中挖掘數據。考慮到這一樣本的規模,它是全國千禧一代抵押貸款指標的有力代表。搜索可以根據借款人的地理位置、年齡、性別、婚姻狀況、FICO評分和攤銷類型進行定製。欲瞭解更多信息,請訪問http://icemortgagetechnology.com/millennial-tracker。
關於ICE抵押技術千禧年跟蹤器
ICE抵押貸款技術千禧年跟蹤器專注於特定時期的千禧一代抵押貸款申請。ICE Mortgage Technology將千禧一代定義為1980年至1999年出生的申請者。新數據在之前兩個月的每個月的第一個星期一更新。千禧年跟蹤器是Origination Insight報告的子集,該報告詳細介紹了ICE Mortgage Technology Origination Platform從Encompass中提取的聚合的匿名數據。有關發起洞察報告的更多信息,請訪問http://icemortgagetechnology.com/resources/origination-insight-reports。新聞機構有權重複使用這些數據,前提是ICE Mortgage Technology,Inc.被認為是該數據的來源。
關於洲際交易所抵押貸款技術
洲際交易所(紐約證券交易所市場代碼:ICE)旗下的ICE抵押技術公司結合了Ellie Mae、Simplifile和MERS的創新和專業知識,實現了從消費者參與到貸款登記以及其間的每一步和每項任務的整個抵押過程的自動化。ICE Mortgage Technology是抵押貸款行業領先的基於雲的貸款發放平臺提供商,其解決方案使貸款人能夠發放更多貸款、降低發放成本並縮短成交時間,同時確保最高級別的合規性、質量和效率。請訪問ICEMortgageTechnology.com或致電(877)355-4362了解更多信息。
©2021 Ellie Mae,Inc.,業務名稱為ICE Mortgage Technology。版權所有。Encompass®、千禧年跟蹤器™和ICE Mortgage Technology徽標是ICE Mortgage Technology實體的商標。
來源:洲際交易所