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Wednesday, November 16, 2011

Refinancing Homeowners Are Ditching Variable-Rate Mortgages

With mortgage rates close to record lows, 95% of refinancing homeowners are going with fixed-rate loans, according to Freddie Mac. More borrowers are also opting for shorter mortgages, with 40% of those who paid off a 30-year loan switching to a 15- or 20-year mortgage, the highest percentage since 2003.

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