Refinancing Borrowers Shun ARMs in Q4. Opt for Shorter Loan Terms

	Mortgage News Daily

Refinancing Borrowers Shun ARMs in Q4. Opt for Shorter Loan Terms

Posted to: MND NewsWire
Wednesday, February 16, 2011 10:28 AM

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Americans are increasingly turning away from variable rate mortgage products when refinancing according to the Quarterly Product Transition Report issued by Freddie Mac.  An increasing share of refinancing borrowers also chose to shorten their loan terms during the fourth quarter. 
In the fourth quarter of 2010, fixed-rate mortgages (FRM) accounted for more than 95 percent of all loans used for refinance. 

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