December Origination Insight Report From Ellie Mae Shows Adjustable Rate Mortgage Usage Hits Eight-Year High as Consumers Compete for Homes
ELLIE MAE (ELLI)
Last ellie mae earnings: 2/14 08:00 am
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Source: Business Wire
PLEASANTON, Calif.--(BUSINESS WIRE)-- According to the December Origination Insight Report from Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry, the percentage of Adjustable Rate Mortgages (ARMs) reached 9.2 percent, the highest percentage in 2018 and since Ellie Mae began tracking data in 2011. This is up from 8.9 percent the month prior and the 2018 low of 5.5 percent. The increase in ARMs continues to be correlated to the 30-year rate, which rose to 5.17 for loans closed in December, up from 5.15 the month prior. For FHAs, the 30-year rate increased to 5.20, Conventional rates increased to 5.19 and VA rates rose to 5.01. “With the strong demand for housing and the rapid increase in property value appreciation, more consumers are turning to Adjustable Rate Mortgages in order to gain additional flexibility when competing for a home,” said
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