If you’ve ever purchased a home, you’ve probably at least considered a 30-year fixed-rate mortgage. It’s the most popular type of mortgage loan in the U.S. But this wasn’t always the case.
The 30-year mortgage was a product of the Great Depression – and the Federal Home Loan Bank System, which was formed more than 90 years ago to help increase homeownership in America, was a key player in bringing it to fruition.
Source: chronicleonline.com