Bell bottoms, VW beetles, Pabst Blue Ribbon, 30 year fixed-rate mortgages .......are all back in vogue after being outside looking in. Yes, traditional 30 year fixed-rate mortgages like daddy used to have are suddenly all the rage.
At Wells Fargo, fixed-rate mortgages accounted for nearly half of all mortgages in the first quarter of this year, up from 35% during the fourth quarter of 2004, says Brad Blackwell, national sales manager. Figures for the second quarter aren't available, but, "We're seeing that shift continue," he says.
Good old 30-year mortgages are back in style [USA Today]