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Refinancing

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Borrowers Flock to Fixed-Rate Mortgages in Q2 

Aug 12, 2008By

A mortgage mess unlike any other has borrowers running — not walking — into fixed-rate mortgages at a rate not seen, well, pretty much ever. Freddie Mac [stock FRE][/stock] said Tuesday morning that in the second quarter of 2008, 97 percent of prime borrowers who originally had a 1-year conforming ARM chose a new conforming fixed-rate mortgage when they refinanced.