Fun Facts about Mortgages

If you’ve bought a home or two through the years, you probably know a bit about mortgages. But here are some fun facts you probably don’t know:

? The word mortgage comes from the Old French word “mortgage,” or “mort gaige,” which means “dead pledge.” So when you pay it off the mortgage dies.

? In Scotland people paint their front doors red once the mortgage has been paid off.

? According to the Federal Reserve, there was $15.8 trillion in mortgage debt at the end of 2019. Overall home values in owner occupied homes was valued at $29.2 trillion.

? Mortgage rates are at the lowest level in years.

? Fannie Mae was founded in 1938 by Franklin Roosevelt to free up money for lenders. Freddie Mac was created in 1970 just after Fannie Mae became a publicly traded company. The two entities combine to guarantee about half the mortgages in the US.

? 32% of buyers in 2019 were first-time buyers. 21% were cash buyers nationwide In Green Valley, the number of cash buyers is closer to 60%.