That’s more than double the 9.1 percent share seen a year earlier and nearly triple the 7.5 percent share in October 2007.
The 15-year loans now account for about 20 percent of refinances at Chase, up from 10 percent a year ago.
At Wells Fargo, loan originations of 15-year fixed mortgages are up 55 percent through November compared to a year earlier.
Last week, the 15-year fixed averaged 4.32 percent, about a half-percentage point below the always fashionable 30-year fixed.
For those who can afford the larger payments, it’s a pretty good deal, as many currently refinancing are taking advantage of interest rates a point or more below their old mortgage rate.
The lower rate will partially offset the higher monthly mortgage payment associated with a 15-year fixed, and homeowners will pay down principal a whole lot quicker.
Others may opt to stick with the traditional 30-year fixed and attempt to earn a better return in the stock market, or bank on home price appreciation to gain home equity.