The securitization rate for adjustable-rate mortgages has declined significantly in the past year, according to an analysis by Inside Nonconforming Markets. Some 11.4 percent of ARMs originated in the first quarter of 2016 were included in mortgage-backed securities, down from 20.1 percent in the first quarter of 2015. When ARMs make it into MBS, it’s generally in securities from Fannie Mae, Freddie Mac and Ginnie Mae. The vast majority of non-agency ... [Includes two data charts]