Record-low rates are helping transform the 15-year mortgage from a rarely used instrument into a popular option, especially for homeowners refinancing their loans. In November, 23% of refinance applications were for 15-year loans, according to theMortgage Bankers Association. That's up 51% from a year earlier.
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It’s no secret that high volume refinancing is dead—at least for now. To some degree, it feels as though we’ve been living in an incredibly protracted refinance cycle (when we weren’t in the death spiral of 2007 – 2011, of course). Read More