US DATA: Freddie Mac’s Quarterly Product Transition Report says
“Refinancing borrowers clearly preferred fixed-rate loans, regardless of
whether their original loan was an adjustable-rate mortgage (ARM) or a
fixed-rate. An increasing share of refinancing borrowers chose to
shorten their loan terms during the second quarter. Of borrowers who
paid off a 30-year fixed-rate loan, 37 percent chose a 15- or 20-year
loan, the highest such share since the third quarter of 2003. fifty-five
percent of borrowers who had a hybrid ARM chose a fixed-rate loan during
the second quarter, while the remaining 45 percent chose to refinance
into the same type of product. The share refinancing from hybrid ARM to
hybrid ARM was the highest since the second quarter of 2004.”
Featured Videos