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Freddie Mac: Fixed Rate Mortgages Still Choice of Borrowers
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You're Now Reading:
Freddie Mac: Fixed Rate Mortgages Still Choice of Borrowers
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Freddie Mac: Fixed Rate Mortgages Still Choice of Borrowers
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Mortgage Rates
Home Buying Tips
Home Selling Tips
About Mortgages
Mortgage Calculator
Mortgage Rates

February 16, 2011 (Jeff Alan)
mortgage-choices-image
In the fourth quarter of 2010, fixed-rate loans accounted for more than 95 percent of refinanced loans, based on the recently released Freddie Mac quarterly Product Transition Report. Refinancing borrowers overwhelmingly chose fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate. That’s due in part to borrowers becoming more conservative in their loan choices since the economic downturn began. But it’s also due to some of the lowest interest rates in half a century, which made fixed-rate loans an easy choice for borrowers to make.

An increasing share of refinancing borrowers also chose to shorten their loan terms during the fourth quarter. Of borrowers who paid off a 30-year fixed-rate loan, 32 percent chose a 15- or 20-year loan, the highest such share since the first quarter of 2004. Of borrowers who refinanced a 20-year loan, 70 percent chose a 15-year loan, the highest such percentage found in Freddie Mac’s quarterly analysis.

“It’s no wonder borrowers are attracted to fixed-rate loans,” said Frank Nothaft, chief economist for Freddie Mac. “Fixed mortgage rates continued to slide lower during the first part of the fourth quarter, reaching 4.17 percent for the 30-year mortgage in mid-November in Freddie Mac’s Primary Mortgage Market Survey® and the lowest fixed rates since the early 1950s.

Interest rates on 15-year fixed-rate mortgages were running about five-eights of a percentage point below that of the 30-year loan, Nothaft said, meaning that borrowers motivated to refinance by low interest rates could reduce them even more by opting for a shorter term.

But ARMs have been making a bit of a comeback lately. Since mortgage interest rates have started rising again since the middle of January, ARMs market share has been increasing weekly. With 5 year ARMs recently running about a full percentage point below the 30 year fixed mortgage rate, borrowers are expected to start finding them more attractive.

Tags: freddie mac, mortgage loans, adjustable rate mortgages, fixed rate mortgages, borrowers, lowest fixed rates, interest rates

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 MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
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.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

February 16, 2011 (Jeff Alan)
mortgage-choices-image
In the fourth quarter of 2010, fixed-rate loans accounted for more than 95 percent of refinanced loans, based on the recently released Freddie Mac quarterly Product Transition Report. Refinancing borrowers overwhelmingly chose fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate. That’s due in part to borrowers becoming more conservative in their loan choices since the economic downturn began. But it’s also due to some of the lowest interest rates in half a century, which made fixed-rate loans an easy choice for borrowers to make.

An increasing share of refinancing borrowers also chose to shorten their loan terms during the fourth quarter. Of borrowers who paid off a 30-year fixed-rate loan, 32 percent chose a 15- or 20-year loan, the highest such share since the first quarter of 2004. Of borrowers who refinanced a 20-year loan, 70 percent chose a 15-year loan, the highest such percentage found in Freddie Mac’s quarterly analysis.

“It’s no wonder borrowers are attracted to fixed-rate loans,” said Frank Nothaft, chief economist for Freddie Mac. “Fixed mortgage rates continued to slide lower during the first part of the fourth quarter, reaching 4.17 percent for the 30-year mortgage in mid-November in Freddie Mac’s Primary Mortgage Market Survey® and the lowest fixed rates since the early 1950s.

Interest rates on 15-year fixed-rate mortgages were running about five-eights of a percentage point below that of the 30-year loan, Nothaft said, meaning that borrowers motivated to refinance by low interest rates could reduce them even more by opting for a shorter term.

But ARMs have been making a bit of a comeback lately. Since mortgage interest rates have started rising again since the middle of January, ARMs market share has been increasing weekly. With 5 year ARMs recently running about a full percentage point below the 30 year fixed mortgage rate, borrowers are expected to start finding them more attractive.

Tags: freddie mac, mortgage loans, adjustable rate mortgages, fixed rate mortgages, borrowers, lowest fixed rates, interest rates

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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
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.

February 16, 2011 (Jeff Alan)
mortgage-choices-image
In the fourth quarter of 2010, fixed-rate loans accounted for more than 95 percent of refinanced loans, based on the recently released Freddie Mac quarterly Product Transition Report. Refinancing borrowers overwhelmingly chose fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate. That’s due in part to borrowers becoming more conservative in their loan choices since the economic downturn began. But it’s also due to some of the lowest interest rates in half a century, which made fixed-rate loans an easy choice for borrowers to make.

An increasing share of refinancing borrowers also chose to shorten their loan terms during the fourth quarter. Of borrowers who paid off a 30-year fixed-rate loan, 32 percent chose a 15- or 20-year loan, the highest such share since the first quarter of 2004. Of borrowers who refinanced a 20-year loan, 70 percent chose a 15-year loan, the highest such percentage found in Freddie Mac’s quarterly analysis.

“It’s no wonder borrowers are attracted to fixed-rate loans,” said Frank Nothaft, chief economist for Freddie Mac. “Fixed mortgage rates continued to slide lower during the first part of the fourth quarter, reaching 4.17 percent for the 30-year mortgage in mid-November in Freddie Mac’s Primary Mortgage Market Survey® and the lowest fixed rates since the early 1950s.

Interest rates on 15-year fixed-rate mortgages were running about five-eights of a percentage point below that of the 30-year loan, Nothaft said, meaning that borrowers motivated to refinance by low interest rates could reduce them even more by opting for a shorter term.

But ARMs have been making a bit of a comeback lately. Since mortgage interest rates have started rising again since the middle of January, ARMs market share has been increasing weekly. With 5 year ARMs recently running about a full percentage point below the 30 year fixed mortgage rate, borrowers are expected to start finding them more attractive.

Tags: freddie mac, mortgage loans, adjustable rate mortgages, fixed rate mortgages, borrowers, lowest fixed rates, interest rates

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
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 MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
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.