‘The 30-year fixed-rate mortgage is a uniquely American construct,' analyst says. Here's why [CNBC]
Federal National Mortgage Association (FNMA)
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Source: CNBC
“The 30-year fixed-rate mortgage is a uniquely American construct,” said Greg McBride, chief financial analyst for Bankrate. True to its name, a 30-year fixed spreads out repayment over 30 years, with an interest rate that remains the same for the life of the loan. As long as you do not refinance or sell your house, the rate you get at the start of your mortgage won't change: “You'll have the exact same rate, regardless of what the broader market is doing,” said Jacob Channel, a senior economist at LendingTree. In 2022, 89% of homebuyers applied for a 30-year mortgage, according to government data analyzed by Homebuyer.com. More from Personal Finance: How mortgage rates impacted the spring housing market Series I bond rate is 4.28% through October 2024 29% of U.S. households have jobs but struggle to cover basic needs The 30-year fixed is able to exist in the U.S. due to the country's deep financial markets, experts say. “If we did not have the dominance of the fixed-
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FNMA
Analyst Actions
- 2/26/24 - Keefe, Bruyette & Woods
FNMA
Sec Filings
- 5/14/24 - Form 3
- 5/14/24 - Form 8-K
- 5/13/24 - Form ABS-15G/A
- FNMA's page on the SEC website