Summary
President Donald Trump supports a proposal for 50-year mortgages to make homes more affordable in the U.S. A survey shows that a significant number of Millennials and Gen Z are open to this idea. While it could lower monthly payments, it might lead to higher overall interest, sparking mixed reactions.
Key Facts
- President Trump endorses the idea of 50-year mortgages to help with home affordability.
- A survey by BadCredit.org found that 45% of Americans would consider this option.
- Millennials showed the most support for 50-year mortgages, with 54% in favor.
- Only 29% of Boomers and 37% of Gen X support the idea.
- Erica Sandberg says young people may prefer longer mortgages because they mean lower monthly costs.
- Bill Pulte, Director of the Federal Housing Finance Agency, originally suggested the idea.
- Critics say 50-year mortgages could result in significantly more interest paid over time.
- Currently, most mortgages are 30-year fixed terms according to the St. Louis Federal Reserve.
