More Borrowers Refinance into 15 Year Mortgages

In recent months with mortgage rates at historic lows, many more homeowners are considering the possibility of refinancing into a 15 year mortgage as opposed to staying with a 30 year mortgage.  According to the Wall Street Journal, the current spread between the rate on a 30 year mortgage (3.53%) and a 15 year mortgage (2.83%) is at its greatest in quite some time. Thus, for those considering a refinance of their mortgage it may make more sense to get the added benefit of a lower mortgage rate even though the monthly payment will be higher based on the shorter payoff period. Read article

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