A recent ICE Mortgage Technology report has determined the percentage of purchase activity to total closed loans among millenials has risen over the last three months.
The firm’s Millennial Tracker showed 67 percent of loans closed by millennials on the Encompass by ICE Mortgage Technology origination platform in May were for purchases, representing an increase from 61 percent in April 2021 and 51 percent the month prior.
Additionally, millennial borrower average FICO scores declined for the fourth straight month, with average FICO scores falling to 732, versus 734 in April and 739 in March.
“Across the country, we’re seeing a strong and competitive purchase market, particularly among millennials,” Joe Tyrrell, president of ICE Mortgage Technology, said. “With FICO score requirements loosening, millennials are taking advantage of the current environment to continue to jump into homeownership.”
The ICE Mortgage Technology Millennial Tracker is defined as an interactive online tool providing access to current demographic data about millennial homebuyers. The product garners data from a sampling of 80 percent of all closed mortgages dating back to seven years ago initiated on ICE Mortgage Technology’s Encompass all-in-one mortgage management solution.
Searches can be initiated by borrower geography, age, gender, marital status, FICO score, and amortization type, per ICE Mortgage Technology.