Bloomberg, May 2, 2013, Thursday

Bloomberg

May 2, 2013, Thursday

Bloomberg (full article)

How 30-Year Mortgages Saved the Housing Market

By Louis Hyman

In most of the world, homeownership isn’t seen as a natural step in the progress toward responsible adulthood. Outside the U.S., mortgages are for small amounts, for shorter times, and have adjustable interest rates. The popular U.S. 30-year mortgage with a fixed rate, which makes possible low monthly payments and a more certain future, is an oddity.

Louis Hyman is an assistant professor of history at Cornell University.