IS THERE A Future- 30 Year Mortgages FOR Asheville Homes?


Proposals to phase out Fannie Mae and Freddie Mac may phase out 30-year fixed-rate mortgages and are harder to find, housing experts say.

An outline drafted by the Treasury Department, the Department of Housing and Urban Development, the White House have an outline drafted and circulated last month calls for winding down Fannie and Freddie over the next five to seven years.


This is a bad move for as a hole for the home buyer to eliminate the 30-year fixed rate mortgages a popular choice among buyers might become harder to find and more expensive without Fannie and Freddie to buy these loans. Banks will be less willing to extend credit at a fixed rate over such a long term, housing expert’s note, since investors often prefer loans with adjustable rates rather than loans with longer terms, which expose them to interest rate risk. In the Asheville, Maggie Valley and Waynesville market the ARM is what has created a hardship with many home owners that have had to deal with foreclosures.