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Boston Herald

Baby boomers flocking to 10-year home loans

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.

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