A second-quarter refinancing study by Freddie Mac shows that 15-year fixed-rate mortgages are increasingly popular among borrowers refinancing their 30-year fixed-rate mortgages. But investors in mortgage-backed securities said they were steering clear of 15-year paper.

The study found that among borrowers with 30-year fixed mortgages who decided to refinance, 31% moved into 15-year fixed in the second quarter, up from 27% in the second quarter of 1997.

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