Freddie Mac's Quarterly Product Transition Report was released this week and the one of the most staggering finds is that more than 95% of refinancing borrowers choose fixed-rate loans versus adjustable rate mortgages. This even took into consideration the loans that were initially set up as ARMs.
Some other interesting facts regarding this topic pulled from the report include:
- The amount of borrowers who choose to shorten their loan term was the highest since 2003
- Of the total borrowers paying off a 30 year fixed-rate loan, 43 percent reduced down to a 15-to 20-year loan
- Hybrid ARMs became much less popular with 58 percent of ARM borrowers switching to a fixed-rate loan
Further interesting statistics including the Freddie Mac House Pricing Index, the Adjustable Rate Mortgage Annual Survey and the Monthly Refinance and ARM shares can be found at
http://www.freddiemac.com/news/finance/
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