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When Refinancing, Should You Opt for a 15-year Mortgage?
Before the pandemic, 15-year mortgages were simply too expensive for many homeowners seeking to refinance. Popular instead was the 30-year fixed-rate loan, which typically comes with a more affordable monthly payment. But now the tide seems to be turning, with 15-year mortgages accounting for 17 percent of home loan applications this past September, up from 10.2 percent a year earlier,