As Mortgage Rates Keep Falling, More Are Scratching 15-Year Itch
Fifteen-year loans made up nearly 16 percent of the fixed-rate mortgages that lenders sold to Freddie Mac in the third quarter, up from almost 10 percent a year prior, the firm reports. CoreLogic, meanwhile, says about a third of refinancings in the first seven months of the year were 15-year mortgages; the figure has risen since 2007. Borrowers favor the shorter option because of low interest rates, which make it easier to manage payments and still pay off their notes in half the time of a traditional 30-year loan.
From "As Mortgage Rates Keep Falling, More Are Scratching 15-Year Itch"
Wall Street Journal (12/18/12) P. C9 Andriotis, Annamaria
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