What’s happening to the 30-year mortgage. Today 80% of all mortgages are 30-year, fixed rate, “conventional” loans, Freddie Mac says. “Conventional” means Fannie & Freddie can guarantee them, as long as they’re below a maximum amount, so they’re cheaper. By spreading lower payments over decades, conventional loans are more expensive in the long run, but they’ve allowed many people to buy a home. Read further here, an MSN real estate article, by Marilyn Lewis.
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