15-Year Mortgages See Sharp Decline
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As shown in the two graphs above, 15-year mortgages now make up a much smaller percentage of fixed-rate loans in Massachusetts than in past years. The percent of 15-year mortgage originations compared with 30-year mortgages has dropped each year between 2002 and 2006.
o Statistics for fixed-rate mortgages in Massachusetts
o Source: LoanPerformance |
By Andrea Gregory
Some lenders are expressing astonishment at a sharp decline in the popularity of 15-year mortgages while others point to the trend as yet another example of how rapidly the lending marketplace is changing.
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