Shorter-term loans are gaining favor as rates continue to fall.

On average at today’s rates, a borrower refinancing their 6.5 percent loan would save $70,000 over the life of a $200,000 20-year loan vs. a 30-year loan.

These kinds of refinances are particularly popular among people who are approaching retirement, said Peter Iche, president of Carthage Federal Savings and Loan Association in Carthage, N.Y.

Source: USA Today, Stephanie Armour