With long-term interest rates so low, few borrowers are interested in adjustable-rate mortgages these days. More than 95 percent of homeowners who refinanced a mortgage last quarter choosing a fixed-rate mortgage, according to Freddie Mac.
Among those who refinanced a 30-year fixed-rate mortgage, 40 percent chose to take out a 15-year or 20-year mortgage to replace it.
Freddie Mac says 63 percent of homeowners who refinanced an adjustable-rate mortgage chose to replace it with a fixed-rate loan.
A 30-year fixed-rate mortgage averaged 4.29 percent in the third quarter. A 15-year fix averaged 3.47 percent.
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