WASHINGTON - The Federal Housing Finance Board said that adjustable- rate mortgages made up 55% of all home loans originated in December. That share was unchanged from November.

As rates rose last year, ARMs more than doubled their share of the market. Loans with variable rates had made up only 24% of the market in January 1994.

The finance board said the ARM market in 1994 was characterized by a greater variety of products than in the previous year.

The market share of nonstandard ARMs and those which carry a fixed introductory rate for at least two years jumped to 44%, from 30%.

By contrast, standard one-year Treasury ARMs were 24% of the ARM market in 1994, down from 30% in 1993. ARMs linked to the 11th District Cost of Funds Index were 17% of the ARM market in 1994, down from 32% the year before.

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