FICO

With most U.S. households spending more and paying their bills on time, their creditors are feeling more confident than ever.

While the refinancing boom took a step back, millennials purchasing power grows in the low mortgage rate environment, according to Ellie Mae.

Millennials took advantage of the low mortgage rate landscape in October, boosting their refinance share to a survey-record high, according to Ellie Mae.

VantageScore totaled 12.3 billion scores across consumer credit loan categories over a 12-month period between 2018 and 2019 with minimal mortgage volume, leaving potential for a major ramp up.

Millennials took advantage of mortgage rates falling to near three-year lows in August, increasing their refinance share to the highest percentage since December 2015, according to Ellie Mae.

Millennial mortgage debt is on pace to reach levels higher than any other generation, according to Experian.

The regulator of the government-sponsored enterprises retreated from an earlier proposal that had barred VantageScore because of its ties to the credit bureaus.

Millennials jumped to take advantage of low mortgage rates by refinancing at an increased share of 6 percentage points in June, according to Ellie Mae.

Waterstone Mortgage is now qualifying borrowers without a traditional credit history for both its conventional and government mortgage programs.

As mortgage rates dip lower and lower through home buying season, the rate of closing loan applications keeps climbing, according to Ellie Mae.