Apr
21
Most Common Reasons for Mortgage Refinancing
ByIn a recent article, Freddie Mac addressed the most popular reasons that homeowners refinanced their first or second mortgage.
- 95% of mortgage refinance loans carried a fixed interest rate.
- 32% of people who refinanced their 30-year fixed-rate mortgage opted for a 15- or 20-year term.
- 46% of homeowners who refinanced their first-home loan reduced their principal balance by bringing money to the closing table.
- 16% of homeowners grew their mortgage balance by at least 5% with a cash refinance.
- The average mortgage rate reduction savings was 22% in interest costs
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