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The Boston Globe

Business

Consumers are flocking to shorter loan terms

Refinancing priorities take turn toward caution

As mortgage interest rates fall further into uncharted territory, more homeowners in Massachusetts and across the United States are refinancing home loans to shorter terms, paying off their debts faster and saving thousands of dollars.

Economists say the trend indicates that lowering long-term debt has become a bigger priority for many borrowers than cutting monthly mortgage payments.

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