US DATA: FRE Q3 Refi survey: “refinancing borrowers overwhelmingly
chose fixed-rate loans, regardless of whether their original loan was an
adjustable-rate mortgage (ARM) or a fixed-rate. While 30-year fixed-rate
mortgages are still the most preferred product chosen for the new loan
among borrowers who previously had that product or an ARM, borrowers who
previously held shorter-term fixed-rate mortgages showed a stronger
preference for staying with a 15-year or 20-year fixed-rate loan than
they have in recent quarters. Overall, fixed-rate loans accounted for
more than 95 percent of refinance loans.”