In the days before the pandemic, 15-year mortgages — with their usually stiff monthly payments — were far too expensive for many people refinancing their homes. Borrowers often just grabbed another 30-year home loan, America’s go-to mortgage.
But with the COVID crisis keeping mortgage rates in the cellar, even the 15-year option has been looking cheap. That’s especially true right now, with 15-year rates at an all-time low in the latest survey from mortgage giant Freddie Mac.
More borrowers have been choosing the shorter-term loans: In May, 15-year mortgages accounted for 15.8% of all home loan originations, up from just 5.5% in May 2019, according to the latest data from the Urban Institute.
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