Fact Check Team: Why the 30-year fixed-rate mortgage is unique to the US

BRISBANE, AUSTRALIA - JUNE 10: A general view of properties at North Lakes on June 10, 2016 in Brisbane, Australia. Economic forecasts suggest Brisbane is on track to overtake Melbourne when it comes to the rate of growth in home values next year. The Hedonic Home Value Index predicts low interest rates and better employment conditions will see Brisbane house values 5.8 per cent in 2016 and 6.1 per cent in 2017.

The U.S. is the only country in the world where the 30-year fixed-rate mortgage is the most popular way to buy a house, thanks to government policy.Fannie Mae and Freddie Mac buy mortgages from lenders – about 70% of them – giving lenders more capital to make more loans and ensuring they continue offering loans at little risk to themselves.Canada offers both variable and fixed-rate mortgages, but there are no 30-year fixed-rate mortgages.

Canada and the Netherlands have government mortgage insurers like the Federal Housing Administration here in the U.S., called the Canada Mortgage and Housing Corporation and the Dutch National Mortgage Guarantee . Canada and Japan offer specific government security guarantee programs like, called the Canada Mortgage Housing Corporation and the Japan Housing Finance Agency .

Source: Loan Digest (loandigest.net)

U.S. Government Policy Freddie Mac Fannie Mae Canada Refinance Fixed-Rate Mortgages

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