Product innovation in the primary mortgage market continues to play a major role in the record-setting pace of new non-agency MBS securitization in 2005, according to a new market analysis byInside MBS & ABS. Although mortgage interest rates remain at historically low levels, ARMs are increasingly popular with borrowers. Through the first nine months of 2005, adjustable-rate mortgages accounted for 68.2 percent of non-agency MBS collateral, up from 62.2 percent for all of 2004. … [Three data tables included]