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KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market
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Bonneville Seattle is raising funds for the construction of a second Fisher House at Joint Base Lewis-McChord in Tacoma and we need your help.Most borrowers choosing fixed rates, the same loan term
November 14, 2012 @ 9:50 am
Are homeowners really racing to pay off their mortgages with today's low rates?
According to Freddie Mac's recent survey of third-quarter activity, 29 percent of borrowers who refinanced during the third quarter of this year shortened their mortgage, approximately 68 percent kept their same loan term, and 3 percent chose to extend their loan term.
More than 95 percent of refinancing borrowers chose a fixed-rate loan.
"Compared to a 30-year fixed-rate mortgage, the interest rate on a 15-year fixed was about 0.7 percentage points lower during the third quarter," said Frank Nothaft, vice president of Freddie Mac. "For borrowers motivated to refinance by low fixed-rates, they could obtain even lower rates by shortening their term."
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Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.