Report of the 30-year mortgage's death was an exaggeration

Mar 12, 2018, 15:51 PM by User Not Found

If reform of the government-sponsored enterprises leads to the 30-year mortgage's demise, homebuyers' monthly payments could soar by $400, Zillow estimated. But lenders aren't convinced this housing finance staple is in danger of being replaced.

"The 30-year [conforming] fixed-rate mortgage isn't going away anytime in the foreseeable future," said Mat Ishbia, president and CEO of United Wholesale Mortgage. "That's not realistic. There is less than a 1% chance" of that happening.

"Could the world we live in change? Yes, the world we live in changes every day. However, will this extreme of a change happen? No, it won't, it wouldn't be good for consumers, it's not good for the housing industry," he said.

Click here to read the full article via National Mortgage News.

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