Freddie Mac Refi Data Shows Continued Migration To 15yr Term

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Posted To: MND NewsWire

Freddie Mac reported on Tuesday that nearly a third of the borrowers who refinanced their loans in the third quarter chose new loans with a shorter maturity. Twenty-nine percent of all refinancing borrowers chose a shorter term, but borrowers who refinanced through the Home Affordable Refinance Program ( HARP ) were actually less likely to shorten their loan term than other borrowers. Despite incentives to do so, only 25 percent of HARP borrowers chose to reduce the length of their mortgage compared to 31 percent of borrowers in non-HARP Freddie Mac programs. Only 3 percent of all borrowers chose to lengthen their loan's term. With rates so low there is little to attract refinancers to adjustable rate mortgages (ARM) and 95 percent of all refinancing borrowers did opt for a fixed rate product...(read more)

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Source: www.mortgagenewsdaily.com

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