Borrowers refinancing adjustable-rate mortgages during the third quarter were a little less likely to move into fixed-rate loans, mortgage repurchaser Freddie Mac said today. About 85 percent of borrowers refinancing 1-year ARM loans chose fixed-rate mortgages, Freddie Mac reported, down slightly from 86 percent in the second quarter. About 82 percent of borrowers refinancing hybrid ARM loans during the third quarter chose fixed-rate loans, off from 85 percent during the second quarter. The estimates come from a sample of properties for which Freddie Mac has funded at least two successive loans. Freddie Mac's Refinance Product Transition Report revealed that 58 percent of borrowers refinancing 15-year fixed-rate loans during the third quarter switched to a 30-year fixed-rate mortgage -- the highest percentage since Freddie Mac began tracking the statistic in 2002. By contrast, 53 percent of borrowers refinancing 15-year fixed-rate loans in the second quarter moved into ...
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