Freddie Mac Report On Home Mortgages Finds 95% Of Refinance Loans Are Fixed-Rate Loans With 34% Choosing 15- Or 20-Year Programs

18 05 2011

 

  • Fixed-rate loans accounted for more than 95 percent of refinance loans in 1st Quarter 2011
  • 34% chose a 15- or 20-year loan, the highest such share since the first quarter of 2004
  • 84% of borrowers who had a hybrid ARM chose to refinance into a fixed-rate product during the 1st Quarter
  • “Fixed mortgage rates averaged 4.85% for 30-year loans and 4.12% for 15-year loans, well below long-term averages
  • The Bureau of Economic Analysis has estimated that 6% was the average rate for SFR’s at the end of 2010

For more:  http://freddiemac.mediaroom.com/index.php?s=12329&item=39019

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