The percentage of borrowers that purchased adjustable-rate mortgages reached 8.9 percent, the highest it’s been since Ellie Mae began tracking data in 2011.

The increase in ARMs is directly correlated to the 30-year rate, which rose to 5.15 in November, up from 5.01 the month prior, according to the November Origination Insight Report from Ellie Mae. For FHAs, the 30-year rate increased from 5.05 in October to 5.19 in November. Conventional rates increased from 5.03 in October to 5.17 in November, and Veteran Affair rates rose from 4.83 to 4.99.

“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 CEO 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.”

Other statistics of note in November included:

• The time to close all loans increased to 46 days in November, up from 45 days in October. Time to close a purchase loan increased to 48 days, up from 46 days in October, while time to close a refinance remained at 43 days for the second consecutive month.
• The percentage of purchase loans rose to 70 percent of total loans in November, up from 68 percent the month prior.
• Overall, FICO scores remained steady at 727 in November for the third month. Loan to value held at 79 for the fourth month, and debt to income held at 26/39 for the second month.

The Origination Insight Report mines data from around 80 percent of mortgage applications tinitiated on Encompass.

New American Funding has acquired Marketplace Home Mortgage, a regional lender that does business in 15 states.

"Becoming part of New American Funding accelerates the growth plans we put into place several years ago," said Keith White, president of Marketplace Home Mortgage. "The current market is one that some lenders view as challenging, but we view it as a magnificent opportunity that is increased by the industry-best platform brought by New American Funding."

Marketplace realized significant growth over the last several years, according to the lender. It provides start-to-finish mortgage services to real estate professionals, builders and residential buyers. Marketplace Home Mortgage has offices in Florida, Michigan, New Hampshire, South Dakota, and Wisconsin. The Stratmor Group served as financial advisor to Marketplace for this transaction.

"We felt now was the right time to combine forces with a lender such as Marketplace Home Mortgage," said Rick Arvielo, CEO, New American Funding. "We've always grown organically and have been very selective about this type of move in the past. But due to the cultural and business alignment of both brands, coupled with the geographic advantage, we determined this was an excellent opportunity."

New American Funding is a family-owned mortgage lender with a servicing portfolio of over 108,000 loans, valued at $27 billion, over 185 branches, and 2,900 employees. The company offers niche products and has made Inc. 5000's list of Fastest-Growing Companies in America five times. It has a training facility and develops innovative technology, including GoGo LO and GoGo Partner.

Homeowners 62 and older saw their housing wealth increase 1.4 percent or $97 billion in the third quarter to $6.97 trillion from Q2 2018, according to the NRMLA-RiskSpan Reverse Mortgage Market Index from the National Reverse Mortgage Lenders Association.

The RMMI rose in Q3 2018 to 251.57, another all-time high since the index was first published in 2000. The increase in senior homeowner's wealth was mainly driven by an estimated 1.3 percent or $115 billion increase in senior home values and offset by a 1.1 percent or $17.4 billion increase of senior-held mortgage debt.

"At a time when we're seeing stock market volatility and the potential for a mild recession in the near future, it's the perfect time for families to gather and take stock of their retirement resources and make necessary adjustments to ensure continued financial security," said Peter Bell, president and CEO of NRMLA. "Housing wealth should be considered with other financial assets."

The NRMLA-RiskSpan Reverse Mortgage Market Index is released quarterly.