Fixed Rate Mortgages Information

Why are 30 Year Mortgages the Most Common Term Choice for Home Loans?

30 year mortgages

Almost every homeowner in America has purchased their home with a 30 year mortgage. Why is this the most popular choice for a home loan? Are there any downsides to choosing 30 year mortgages as opposed to 10, 15, 20 or even 25 year mortgages?