In the first quarter of 2011, conforming 30 year current mortgage rates mortgageratescurrent stayed under 5.00 percent for the entire quarter. Also during the first quarter fixed-rate loans accounted for more than 95 percent of refinance loans because current refinance rates on 30 year mortgage loans also stayed under 5.00 percent for the quarter.

The 95% refinance number is based on the Freddie Mac’s Quarterly Product Transition Report released today. Most borrowers choose refinancing with fixed-rate loans, regardless of whether their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate.

Another big change in this report is an increasing share of refinancing borrowers chose to shorten their loan terms during the first quarter. Of borrowers who paid off a 30-year fixed-rate loan, 34 percent chose a 15- or 20-year loan, the highest share since the Q1 04. 

The reason why is 15 year mortgage rates are lower than 30 year mortgage rates and borrowers will own their home in half the time. Today’s mortgage rates on 15 year home loans are 0.50% lower than 30 year mortgage rates today.

Home loans were mostly converted to fixed mortgages when refinanced from adjustable rate mortgages. In fact, 84% of borrowers who had an adjustable mortgage chose to refinance to a fixed mortgage.

Get mortgage rates and refinance rates by visiting free-home-loan-quote.com. We list today’s mortgage rates and today’s refinance rates every day.