I provide insights on why people choose 30 year fixed rate mortgages with snipets from my interview by apartmenttherapy.com. I was interviewed by Lesley Kennedy of apartment therapy regarding why people choose 30 year mortgages and what the attraction is to them.
It was a pleasure to provide some insight to her article and be quoted a number of times. What I find most interesting when speaking to people about 30 year fixed mortgages is that the majority of times they really have no idea what their future holds, and because of this they really like the stability of a mortgage that carries a payment which will never increase.
HOW POPULAR ARE 30 YEAR MORTGAGES
Did you know that less than one half of a percent of American’s actually pay off a 30 year fixed rate mortgage? If you’re relatively new to mortgages, and I would say anything within the last 5 years, you’ve been programmed to believe that rates will remain low for the rest of time. The thought of carrying an adjustable rate mortgage was foreign to a lot of people, but prior to these extraordinary influences by the federal reserve adjustable rates outperformed fixed rates historically.