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winners never-John McMillion of Majestic Mortgage Company A Majestic Youth of Tomorrow Announcement

John McMillion aka Johnny McMillion or Mr. Mc Million, has a series of Service Announcements:Public, Youth,Community,Safety etc. These ...

Why do we have a 30-year mortgage, anyway?

The average interest on a 30-year, fixed-rate mortgage rose just a hair this week, to 4.86 percent. That’s almost a full percentage point higher than this time last year, according to Freddie Mac. Higher interest rates are changing the home-buying equation as people weigh the costs of borrowing. In some markets, prices have even started to dip — sales, too . But one thing remains constant: The vast majority of new mortgages in this country are of the 30-year fixed variety. Ever wonder why?

“The 30-year term did not come down on a tablet, engraved, that says 30 years is the right number,” said Edward Pinto with the American Enterprise Institute’s Center on Housing Markets and Finance.

So much for the biblical explanation. The 30-year mortgage actually came about because of a housing crisis. Yeah, not that housing crisis. One in the last century. Back in the 1920s, said Cornell University historian Louis Hyman, a typical mortgage was for three to five years, with a variable interest rate, and payments covered only the interest.

Budget 2019 Breakdown

The main talking points from Budget 2019

The Finance Minister has just revealed how the government plans to spend our money for the coming year.

Paschal Donohoe's overall package is worth around €1.5 billion.

Here are the main points from this afternoon's announcement:

Housing

-A total €2.3 billion to next year's housing programme. €1.25 billion to deliver 10,000 new social homes in 2019.

-100% mortgage interest relief on any loan used to pay for a rental property from next year.

-100 million affordable housing fund to help local authorities deliver affordable housing - increasing to 310 over three years. Eligible to people on 50,000 euro a year for single person or 75,000 for couple. Will knock up to €50,000 off price of a house

-An extra €121m for the Housing Assistance Payment to provide for 16,760 tenancies next year.

-€60m increase in capital funding to fund emergency accommodation. €30m extra for homelessness services