Americans wanted to be offered 50-year mortgages

US President Donald Trump stated that he supports the idea of extending the duration of mortgage loans in the country to 50 years.

As reported by BAKU.WS, he announced this on his Truth Social network.

The American president posted an image featuring himself and former President Franklin Roosevelt, who during the Great Depression helped introduce 30-year fixed mortgages.

Federal Housing Finance Agency Director Bill Poult confirmed that the agency is indeed working on implementing 50-year mortgages, calling it a "complete game changer."

It is noted that for home buyers, a 50-year loan will offer lower monthly payments compared to a standard 30-year loan, but the total interest payment will be significantly higher, and equity building will be slower.

Trump's idea has drawn criticism. For instance, US House Representative Marjorie Taylor Greene called the idea primarily beneficial for banks and mortgage lenders.

Trump, in turn, responded that extending mortgages from 40 to 50 years is "nothing special." Currently, the average mortgage term in the US is 30 years. The average rate for 30-year fixed mortgages is about 6.22 percent.