Fixed-Rate Mortgages Comprise Majority Of Refis In Third Quarter
December 1, 2007
More borrowers who refinanced during the third quarter replaced their 15-year fixed-rate mortgages with traditional 30-year, fixed-rate loans, and 85 percent of borrowers with a one-year adjustable rate mortgage loan who refinanced selected fixed-rate loans, according to a recent report from Freddie Mac.
"Mortgage rates on 30-year, fixed-rate conventional conforming loans became more favorable during the third quarter after topping out at 6.7 percent in July," said Amy Crews Cutts, deputy chief economist for Freddie Mac. "Average 30-year fixed rates in September were 0.32 percentage points lower than the average rates in July."
Posted in All Things San Diego, Lending, Local Business, Real Estate
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