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Article: Rush slows for 15-year mortgages
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- February 27, 1994
- Author:
CopyrightCopyright 1994 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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As goes the refinance boom, so go 15-year mortgages. In other
words, the stampede of homeowners who have been switching from
30-year mortgages to 15-year mortgages is easing at the same time the
refinance market cools down, said mortgage and lending officials.
Fifteen-year mortgages are still a major force in the marketplace
-- 29 percent of home buyers with 30-year mortgages who were
refinancing last year picked 15-year mortgages, according to Federal
Home Loan Mortgage Corp., the Washington-based mortgage giant which
is known less formally as Freddie Mac.
But that was down from 1992 and 1991, when 42 percent and 34
percent of home buyers picked 15-year mortgages. The percent was as
high ...