Why Do We Have a 30-Year Mortgage, Anyway?
Marketplace, Oct. 31, 2018–Amy Scott
Of course, you can still get 5-, 15-, and 20-year mortgages, if you can afford the higher monthly payments. And plenty of people still choose adjustable rates. But according to the Mortgage Bankers Association, the 30-year fixed is so ingrained in the home-buying system, it made up 88 percent of applications last month.
