June 16, 2013
The refinancing boom may be cooling down, but the move to shorter mortgages ?-- especially 10-year loans among pre-retirees ? -- appears to be accelerating.
Some community banks say 10-year mortgages, once an insignificant niche option, are now accounting for increasingly large chunks of their business. For example, Rockville Bank in South Windsor, Conn., reports that 10-year loans represented a surprising one-fifth of its total residential mortgage originations in dollar terms last year.
Read entire article on Boston Herald