Ellie Mae

Adjustable-rate mortgages for the second consecutive month hit a post-crisis high, due to strong demand for housing being constrained by a lack of supply, according to Ellie Mae.

Adjustable-rate mortgages in November had their highest share of closed loans since Ellie Mae started tracking this data in 2011 as rates for 30-year loans reached 5.15%.

Mortgage credit available to consumers increased in November by 1.1% from the previous month as lenders offered more conventional products with expanded underwriting criteria, the Mortgage Bankers Association said.

Growing home prices and climbing interest rates didn't stop millennials from buying houses in October, Ellie Mae said.

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Average credit scores for mortgage borrowers remain at a 2018 high, a sign that lenders aren't easing standards despite refinance candidates already falling off on higher rates, according to Ellie Mae.

As interest rates rise, mortgage originators need to teach millennial homebuyers about the product options outside of conventional loans, Ellie Mae said.

Rising interest rates and the continued slowdown in mortgage originations prompted Ellie Mae to cut its revenue forecast for the full year by at least $18 million.

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As mortgage rates recently hit their highest point in seven years, closed refinances fell back to their low point of 2018, according to Ellie Mae.

Lenders offered fewer government-guaranteed mortgage programs in September, leading to an overall decline in mortgage credit availability, according to the Mortgage Bankers Association.

August's share of conventional mortgages closed by millennials reached a three-year high as lenders added products to meet their lifestyle, Ellie Mae said.

As mortgage rates remained mostly tepid throughout the summer, closed refinances had their first month of growth in August, according to Ellie Mae.

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Mortgage credit accessibility dropped for the first time in four months as jumbo loan products took a step back, according to the Mortgage Bankers Association.

Nearly half of July's millennial homebuyers were single, a sign that they are not waiting for certain milestones like marriage before deciding to become homeowners, according to Ellie Mae.

The vast majority of consumers start the mortgage process with internet research, but when it comes time to initiate contact with a lender, borrowers are nearly as likely to pick up the phone as they are to connect online.

Purchase-loan share held steady month-to-month for the first time this year, even though it is still above year-ago levels in line with a seasonal decline, but growth remains in the forecast.

Mortgage credit accessibility kept climbing in July, mostly thanks to an expansion of jumbo loan products offered, pushing that index to its historical high point, according to the Mortgage Bankers Association.