Buyers see growing appeal of shorter term mortgages

More baby boomers are choosing 10-year loans for super-low interest rates and a debt-free retirement
By Kenneth Harney | July 25, 2013 10:30AM

From the July issue: The refinancing boom may be cooling down, but the move to shorter mortgages — especially 10-year ones among pre-retirees — appears to be accelerating.

Once an insignificant niche option, 10-year mortgages are now accounting for increasingly large chunks of business for some community banks. Rockville Bank in South Windsor, Conn., for example, reports that 10-year loans represented a fifth of its residential mortgage originations in dollar terms last year. [more]