50-year mortgage: Trump administration provides new details
Kevin Hassett, an economic advisor to President Trump, spoke to reporters outside of the White House on Monday.Hassett was asked about several economic headlines, including Trump's 50-year mortgage idea.
President Trump signaled that they're planning to develop a 50-year mortgage that they think could expand access to homeownership, though experts are cautioning the longer-term mortgages could hamstring homebuyers.
Trump on Saturday posted on his Truth Social platform with a graphic showing pictures of "Great American Presidents" including Franklin D. Roosevelt, who was in office when the 30-year mortgage was popularized, and himself to suggest he will develop a 50-year mortgage.
Financial industry experts responded to the 50-year mortgage proposal with skepticism, noting it would likely come with a higher interest rate than a traditional 30-year mortgage and the longer duration would increase the cumulative interest paid by borrowers.
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