US Treasury Advisor: Rate cut may eliminate the demand for 50-year mortgage loans.

Joseph Lavorgn, advisor to US Treasury Secretary Steven Mnuchin, said on Wednesday that lower interest rates could eliminate the need for the 50-year mortgage proposed by the Trump administration. The idea behind the 50-year mortgage was to increase the affordability of housing for the public. Lavorgna stated that the idea of a 50-year mortgage does not necessarily need to be completely ruled out, but he pointed out that it was a proposal by the Federal Housing Finance Agency to lower monthly mortgage payments. He also added that the problem in the real estate market is high interest rates, as the Federal Reserve is cautious about lowering rates.