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ICE Mortgage Technology's Millennial Tracker reported that the decline in average interest rates on all 30-year loans in December 2020, fueled an increase in the refinance share from millennial homebuyers.
ICE Mortgage Technology revealed that refinance activity increased to 46% of all loans in December 2020 and so did the average time to close. The company also reported that older millennials between 30 and 40-years-old, were responsible for the majority of refinance activity and made up 53% of the refinance share in December 2020.
Younger millennials between 21 and 29-years-old came in at 26%. That being said, younger millennials were able to secure lower interest rates at an average of 2.90%, compared to older millennials at 2.93%.
"Millennials, even those that had just purchased a home in the past few years, found themselves in a great position to take advantage of the historically low rates and contributed to the ongoing high refinance volume," said Joe Tyrrell, president, ICE Mortgage Technology. "At the same time, lenders that have already adopted virtual solutions, like eClose, are seeing their early investments really pay off as they are better positioned to efficiently manage this long-term refinance boom."
Click here to learn more about the increase in millennial activity for December 2020.