According to EllieMae’s latest Origination Insight Report, interest rates rose for the first time in 2019, increasing to 3.97%, up from 3.94% in October. In addition, the percentage of adjustable rate mortgages also increased for the first time in 2019, rising from 5.0% in October to 5.3% in November. The percentage of refinances dropped back below 50%, falling from 51% in October to 49% in November.
“Interest rates rose for the first time in 2019, and as expected we are seeing the percentage of adjustable rate mortgages rise and the percentage of refinances taper off,” said Jonathan Corr, President and CEO of Ellie Mae. “Simultaneously, closing rates have reached the highest point in 2019 at 78.6 percent…”
