Refinancing activity peaked in February, close to peak of the refinancing pandemic, according to ICE Mortgage Technology Millennial Tracker

Refinancing activity increased sharply for millennial borrowers in February, according to the ICE Mortgage Technology ™ Millennium Tracker of ICE Mortgage Technology™, is part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and quotation services. According to recent data, refinances completed during this period accounted for 54% of all loans to members of the generation, up from 46% in the previous month. This brought the refinancing share to a level not seen since April 2020 when the pandemic refinancing surge peaked, when it reached 55%.

Young millennials also closed a record share of refinances for the month. This age group, born between 1991 and 1999, has typically taken more purchase loans than refinances, as many are entering the housing market for the first time. However, in February, refinances made up 32% of loans closed by young millennials – a big jump since ICE Mortgage Technology began tracking age groups separately in January 2020. However, older millennials (born between 1980 and 1990) continued to be the driving force behind the refinancing push as 61% of all loans closed by this age group were refinances.

Average interest rates for all age groups were little changed month over month at 2.88%. Young millennials continued to get slightly lower rates than their older counterparts, however, average interest rates for this age group rose to 2.85% while average interest rates for older millennials remained the same at 2.89%. The average age of millennial homebuyers also hit 32.9, near January’s record high of 33.

“As we saw with the increase in the share of refinancing in February, lending activity can change dramatically from month to month, making it essential for lenders to prepare for success by adopting quickly to digital solutions, ”said Joe Tyrrell, president of ICE Mortgage Technology. “As we emerge from the pandemic, many borrowers will still want to complete the mortgage process as virtually as possible. Lenders can meet this demand by rapidly adopting new digital solutions, like eClosing technology, which brings them closer to a process of ending the digital mortgage process. “

ICE Mortgage Technology Millennial Tracker – Old Millennials vs Younger Millennials



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The ICE Mortgage Technology Millennial Tracker is an interactive online tool that provides access to up-to-date demographics on this new generation of home buyers. It extracts data from a robust sample of approximately 80% of all closed mortgages dating back to 2014 that were initiated on Encompass from ICE Mortgage Technology.® all-in-one mortgage management solution. Given the size of this sample, this is a good approximation of Millennium Mortgage Indicators across the country. Searches can be tailored based on borrower’s geography, age, gender, marital status, FICO score, and amortization type. For more information visit

About the ICE Mortgage Technology Millennial Tracker

The ICE Mortgage Technology Millennial Tracker focuses on applications for millennial mortgages during specific time periods. ICE Mortgage Technology defines Millennials as applicants born between the 1980s 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 the aggregated and anonymized data extracted from Encompass by the origination platform ICE Mortgage Technology. Additional information about the Origination Insight report is available at News organizations have the right to reuse this data, provided ICE Mortgage Technology, Inc. is credited as the source.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that provide our clients with access to critical workflow tools that increase transparency and operational efficiency. We operate Trades, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our global fixed income data services and execution capabilities provide insights, analytics, and platforms that help our clients take advantage of opportunities and operate more efficiently. AT ICE Mortgage Technology, we’re transforming and digitizing the US residential mortgage process, from consumer engagement to loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunities.

Trademarks of ICE and / or its subsidiaries include Intercontinental Exchange, ICE, ICE block design, NYSE, and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and / or its affiliates can be found here. The key information documents for certain products covered by the EU Regulation on retail packaged and insurance-based investment products can be found on the relevant exchange website under the heading ‘Documents of key information (KIDS) ”.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see documents filed by the Securities and Exchange Commission (SEC) of ICE, including, but not limited to limited thereto, the risk factors in ICE’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 4, 2021.

© 2021 Ellie Mae, Inc., doing business as ICE Mortgage Technology. All rights reserved. Encompass®, Millennial Tracker ™ and the ICE Mortgage Technology logo are registered trademarks of ICE Mortgage Technology entities.

Source: Intercontinental exchange

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Sara holtz
ICE Mortgage Technology
(925) 227-2193
[email protected]

Jenny gendron
ICE Mortgage Technology
(925) 437-9118
[email protected]

Cafe Caitlin
Allison + Partners
(312) 635-8204
[email protected]

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