Lower Mortgage Rates Boost Refinance Activity
March, 15year fixed- -rate mortgages had a rate that was 0.71 percentage pointabout s less than the rate o-year fixedn a 30-rate loan (3.01 percent versus percent). 3.72Thus, the relatively large share of borrowers who shorten their mortgage loan term when refinancing has helped to lower the total interest paid on mortgage debt outstanding. ................
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