More Than 95 Percent of Refinancing Borrowers Choose Fixed-Rate Mortgages

In the second quarter of 2012, fixed-rate loans accounted for more than 95 percent of refinance loans, based on the recently released Freddie Mac (OTC: FMCC) Quarterly Product Transition Report. Refinancing borrowers clearly preferred fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate. Of borrowers who refinanced during [...]