Low Mortgage Rates Attracting More Short-term Borrowers

 

Have you ever considered a 15-year mortgage loan? That seems to be the trend lately. Homeowners are refinancing and aiming to pay off their debit early with the lower interest rates.

Freddie Mac’s reports that the latest mortgage rate survey showed the traditional 30-year fixed-rate loan averaged 3.75% last week, down from 3.78% last week. It was the fifth straight week of record lows. An average for a 15-year fixed loan was at 2.97%, down from 3.04% a week ago.

The latest surge in refinancings caused the trade group last week to boost its projection for mortgage volume this year by nearly $200 billion, to $1.28 trillion.

Read More....http://rismedia.com/2012-06-04/low-mortgage-rates-attracting-more-short-term-borrowers/