More Refis Looking at 15-Year

According to the Mortgage Bankers Association, 15-year mortgages made up nearly 20 percent of the refinancing activity in October, the most recent month available.

As reported in the Wall Street Journal: "Originations of 15-year mortgages at Wells Fargo & Co. are up 55 percent through November from a year earlier. At J.P. Morgan Chase & Co., 15-year loans now account for 20 percent of refinances, up from 10 percent a year ago."

While these are increases from a low base, what you are seeing here is that the "haves" of the homeowner world are locking in a low rate while they can, while also shortening the amount of time they will have to pay their mortgage.