A much higher percentage of refinancing homeowners chose 30-year fixed- rate mortgages in 1995 as the gap between adjustable and fixed rates narrowed.

Last year, 68% of homeowners who refinanced their 30-year fixed-rate mortgages took new loans of the same length, according to a study conducted by the Federal National Mortgage Association, informally Freddie Mac. This is up considerably from the 1994 figure of 54%.

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