Experts warn Trump’s 50-year mortgage may lower homeowner payments, but slow equity growth and raise total interest payments

The White House says it is considering a 50-year mortgage to address the home affordability crisis. Critics argue it won't solve issues like supply shortages and high interest rates.

The current average mortgage rate on a 30-year fixed mortgage is 6.31% with an APR of 6.34%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.42% with an APR of 5.

The Trump administration is working on a plan for a 50-year mortgage, and Twin Cities real estate professionals say there are many pros and cons to consider.

President Trump downplayed the idea of a 50-year mortgage in a recent interview and said, "it's not even a big deal."

Home equity loans and home equity lines of credit (HELOCs) allow homeowners to tap into the value of their homes. A home equity loan is a fixed-rate, lump-sum loan that allows homeowners to borrow up to 85% of their home's value and pay that amount back in monthly installments.

Explore current mortgage rates and what they mean for homebuyers.

President Donald Trump is floating the idea of 50-year fixed-rate mortgages as a way to make homeownership more affordable, and it is sparking intense debate.