15 year home mortgage loans more popular lately

According to a recent Wall Street Journal article, more borrowers are drawn to 15 year home mortgage loans than ever before due to the rock bottom interest rates that are available at the present time for house loans.

According to the Mortgage Bankers Association, one in five refinance loan applications in October were 15 year mortgage for Conventional Loans, FHA Mortgage Loans and VA Loans, up from 7.5% from October 2007.  The higher payments on 15-year loans make them less popular with home buyers, according to the Mortgage Bankers Association.