Intercontinental Exchange‘s May 2025 Mortgage Monitor Report, released Monday, found that first-time homebuyers accounted for a record share of agency purchase lending (58%) in the first quarter 2025.

While repeat buyer activity has softened markedly from pre-pandemic levels — with originations among this group down 31% compared to 2018 and 2019 — first-time homebuyer volume has seen less compression, declining only 19%. ICE attributes this to a higher interest rate environment that continued to dampen repeat buyer participation in the market.

ICE reported that purchase mortgages have made up a larger share of overall issuance in recent years. They details ⇒

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