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Freddie Mac: Most refis don't shorten mortgage duration


Fixed mortgage rates averaged 3.55% for 30-year loans and 2.84% for 15-year loans, which was below long-term averages and the lowest quarterly averages recorded by the Freddie Mac primary mortgage market survey.

29% of borrowers who refinanced during Q3 shortened their mortgage. 68% of borrowers kept their same loan term.

And 3% of borrowers chose to extend their loan term.

Reported by: HousingWire

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