Economists' Outlook

Housing stats and analysis from NAR's research experts.

Most Home Owners have Long-term Financing

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  • American Housing Survey Data show the prevalence of 15- and 30-year mortgages.
  • Seventy-five percent of all homes with a mortgage outstanding in the US have a mortgage that had a term of 28 to 32 years at the time of origination, and an additional 11 percent had a term of 13 to 17 years at origination.
  • Altogether, ninety-six percent of homes with a mortgage outstanding have a mortgage that had a term of 13 or more years at origination.
  • There is not substantial variation among the use of long-term financing by race or region if it is defined as 13 or more years.  Ninety-five to ninety-seven percent of outstanding mortgages were originated with terms of at least 13 years.
  • Homes in the West are somewhat more likely to have a mortgage with an original term of 28 to 32 years than homes in any other region.  By household characteristic, black and hispanic households are more likely to have a mortgage with a term of 28 to 32 years at origination.
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