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.