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Refinancing Borrowers Opting for Fixed Rate Loans
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Refinancing Borrowers Opting for Fixed Rate Loans
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August 15, 2011 (Chris Moore)

Ninety-five percent of refinancing borrowers picked a fixed rate loan in the second quarter of 2011 according to Freddie Mac’s Quarterly Product Transition Report regardless of whether their previous loan was a fixed rate mortgage (FRM) or an adjustable rate mortgage (ARM).

A larger share of borrowers also chose to take advantage of the historically low interest rates and shortened the term of their loans during the second quarter. Thirty-seven percent of the borrowers who refinanced a 30 FRM chose a 15-year or a 20- year mortgage to replace their original loan, the highest share of borrowers to do so since the third quarter of 2003.

More than half of the borrowers, fifty-five percent, who refinanced a hybrid ARM chose a fixed rate loan during the quarter. Forty-five percent of borrowers who refinanced a hybrid ARM chose to refinance into the same type of product.

The share of borrowers who refinanced from a hybrid ARM to another hybrid ARM was the highest since the second quarter of 2004.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Compared to a 30-year fixed-rate mortgage, the interest rate on 15-year fixed was about 0.8 percentage points lower during the second quarter. For borrowers motivated to refinance by low fixed-rates, they could obtain even lower rates by shortening their term. The initial interest rate on a 5/1 hybrid ARM was about 1.2 percentage points lower than on a 30-year fixed-rate loan. For borrowers who plan to remain in their current home for only a few years, the hybrid ARM allows for even a greater interest-rate savings.”

Refinancing borrowers whose original loan was a 30-year FRM chose another 30-year FRM sixty-one percent of the time, a 20-year FRM thirteen percent of the time and a 15-year FRM twenty-four percent of the time.

Borrowers who originally had a 15-year FRM chose to stay with that product eighty-one percent of the time. Fifteen percent lengthened the term of their loans to 30 years and two percent lengthened their loans to 20 years.

Tags: Freddie Mac, refinancing borrowers, Transition Report, fixed rte mortgage, adjustable rate mortgage, hybrid ARM, interest rate savings

Source:
Freddie Mac

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools
Mortgage
Calculator
Estimate your monthly mortgage payment
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

August 15, 2011 (Chris Moore)

Ninety-five percent of refinancing borrowers picked a fixed rate loan in the second quarter of 2011 according to Freddie Mac’s Quarterly Product Transition Report regardless of whether their previous loan was a fixed rate mortgage (FRM) or an adjustable rate mortgage (ARM).

A larger share of borrowers also chose to take advantage of the historically low interest rates and shortened the term of their loans during the second quarter. Thirty-seven percent of the borrowers who refinanced a 30 FRM chose a 15-year or a 20- year mortgage to replace their original loan, the highest share of borrowers to do so since the third quarter of 2003.

More than half of the borrowers, fifty-five percent, who refinanced a hybrid ARM chose a fixed rate loan during the quarter. Forty-five percent of borrowers who refinanced a hybrid ARM chose to refinance into the same type of product.

The share of borrowers who refinanced from a hybrid ARM to another hybrid ARM was the highest since the second quarter of 2004.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Compared to a 30-year fixed-rate mortgage, the interest rate on 15-year fixed was about 0.8 percentage points lower during the second quarter. For borrowers motivated to refinance by low fixed-rates, they could obtain even lower rates by shortening their term. The initial interest rate on a 5/1 hybrid ARM was about 1.2 percentage points lower than on a 30-year fixed-rate loan. For borrowers who plan to remain in their current home for only a few years, the hybrid ARM allows for even a greater interest-rate savings.”

Refinancing borrowers whose original loan was a 30-year FRM chose another 30-year FRM sixty-one percent of the time, a 20-year FRM thirteen percent of the time and a 15-year FRM twenty-four percent of the time.

Borrowers who originally had a 15-year FRM chose to stay with that product eighty-one percent of the time. Fifteen percent lengthened the term of their loans to 30 years and two percent lengthened their loans to 20 years.

Tags: Freddie Mac, refinancing borrowers, Transition Report, fixed rte mortgage, adjustable rate mortgage, hybrid ARM, interest rate savings

Source:
Freddie Mac

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools

August 15, 2011 (Chris Moore)

Ninety-five percent of refinancing borrowers picked a fixed rate loan in the second quarter of 2011 according to Freddie Mac’s Quarterly Product Transition Report regardless of whether their previous loan was a fixed rate mortgage (FRM) or an adjustable rate mortgage (ARM).

A larger share of borrowers also chose to take advantage of the historically low interest rates and shortened the term of their loans during the second quarter. Thirty-seven percent of the borrowers who refinanced a 30 FRM chose a 15-year or a 20- year mortgage to replace their original loan, the highest share of borrowers to do so since the third quarter of 2003.

More than half of the borrowers, fifty-five percent, who refinanced a hybrid ARM chose a fixed rate loan during the quarter. Forty-five percent of borrowers who refinanced a hybrid ARM chose to refinance into the same type of product.

The share of borrowers who refinanced from a hybrid ARM to another hybrid ARM was the highest since the second quarter of 2004.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Compared to a 30-year fixed-rate mortgage, the interest rate on 15-year fixed was about 0.8 percentage points lower during the second quarter. For borrowers motivated to refinance by low fixed-rates, they could obtain even lower rates by shortening their term. The initial interest rate on a 5/1 hybrid ARM was about 1.2 percentage points lower than on a 30-year fixed-rate loan. For borrowers who plan to remain in their current home for only a few years, the hybrid ARM allows for even a greater interest-rate savings.”

Refinancing borrowers whose original loan was a 30-year FRM chose another 30-year FRM sixty-one percent of the time, a 20-year FRM thirteen percent of the time and a 15-year FRM twenty-four percent of the time.

Borrowers who originally had a 15-year FRM chose to stay with that product eighty-one percent of the time. Fifteen percent lengthened the term of their loans to 30 years and two percent lengthened their loans to 20 years.

Tags: Freddie Mac, refinancing borrowers, Transition Report, fixed rte mortgage, adjustable rate mortgage, hybrid ARM, interest rate savings

Source:
Freddie Mac

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use

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