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Ellie: Adjustable rate mortgages gain popularity


Now that 30-year fixed mortgages have crossed into 5 percent territory, more borrowers are taking out adjustable-rate mortgages (ARMs), Ellie Mae reported.

In November, the percentage share of closed ARMs reached 8.9 percent. That was up from 8.2 percent in October and up from just 5.6 percent a year earlier, the company said.

The increase in ARMs was directly related to the rise in the 30-year rate, which jumped to 5.15 percent in November, up from 5.01 percent in October, Ellie reported. The data comes from mortgages that are flowing through Ellie’s Encompass platform.

“As interest rates continue to rise, we are seeing the percentage of adjustable rate mortgages rise in lockstep, and this month they’ve risen to the highest percentage we’ve seen since we began tracking data,” said Jonathan Corr, president and chief executive officer of Ellie Mae.

 “As expected, we are also continuing to see the percentage of refinances remain low—30 percent in November—due to higher interest rates,” Corr said. 


 

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