Did Americans get smarter? It wasn't that long ago that home owners fell in love with the 125%...

|By:, SA News Editor

Did Americans get smarter? It wasn't that long ago that home owners fell in love with the 125% mortgage refi option, but now new data out from Freddie Mac tips off that more sensible mortgage options are being picked. 95% of Americans refinancing their mortgage chose a garden variety fixed-rate loan, while 43% opted for the 15- or 20-year loan - marking the highest level since 2003 to pick the shorter loan that potentially saves them thousands of dollars in interest over the lifetime of the mortgage.