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Australia took its interest rate medicine – and it has poisoned our living standards | Greg Jericho
(www.theguardian.com)
this post was submitted on 21 Nov 2024
26 points (100.0% liked)
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In the US, the vast majority of mortgages have a fixed rate over decades.
90% of mortgages are fixed-rate for 30 years according to this page: https://www.mortgagecalculator.org/helpful-advice/how-many-years-mortgage-loan.php
I don't know the details of how that works, but yeah, it's possible for the vast majority of home borrowers to be on fixed rates.
Essetially "socalism", In the US Goverments backed Fannie Mae and Freddie Mac, so commercial banks had to compete for loans.
We'd need a government bank to do the same, I think its part of The Greens policy to reestablish one and offer them? but we'd need way more voters to pivot Green, thay seems unlikely, so we're left with the same stupid, repeating the same stupid mistakes... we sold the last Government bank off.
Or legislation and that's never going to happen with ALP/LNP.
Fixed rate for the entire term? Fascinating
That's a good deal if you get s good deal.
not just the yanks, I have a mate from france I caught up with earlier this week who could not comprehend how a home loan had a variable rate. She thinks we're all insane.
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