More Buyers Turning to ARMs to Achieve Ownership

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Posted To: MND NewsWire

The share of December originations that were adjustable rate mortgages (ARMs) was the highest since Ellie Mae began tracking them in 2011 the company said in its December Origination Insight Report . As mortgage rates rose, the share of ARMs reached 9.2 percent , up from 8.9 percent in November. The share in December 2017 was 5.6 percent. “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 Jonathan Corr, president and CEO of Ellie Mae. “This is another key indication of how demand has outpaced supply in the housing market as consumers pursue their dream of homeownership.” Mortgages for home purchase made up 70 percent of originations…(read more)

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