It’s no secret that people can’t afford to buy homes in this post-pandemic era. Home prices skyrocketed during the pandemic, mortgage rates soared after, and that brings us to the present moment: The storm has sort of calmed, and yet prices are still high, and so are rates. But the founder and chief executive of a nonprofit has an interesting proposal: a 40-year mortgage.
“The 30-year mortgage has been the American standard for decades, balancing affordable monthly payments with a reasonable repayment period,” Operation Hope’s John Hope Bryant wrote in an op-ed for CNBC. “However, as home prices soar and interest rates rise, particularly in urban areas, even 30-year mortgages can leave many families struggling with unaffordable payments.”
