Did you know that today is National Trivia Day? We thought it might be a little fun to test your mortgage knowledge. Let the Trivia Games begin!

1.       In Scotland, what is a fun tradition that people do when they pay off their mortgage?

a.       They paint their front door red.

b.       They plant a tree in their front yard.

c.       They throw a huge mortgage free house party.

2.       What year was Fannie Mae created?

a.       1932

b.       1936

c.       1938

3.       In 1981, how high did the average rate for a 30 year fixed-rate loan reach?

a.       25.45%

b.       18.45%

c.       12.45%

4.       The word mortgage derives from Old French and it translates to death pledge.

a.       True

b.       False

5.       In 2019, the average mortgage loan amount was:

a.       $209,500

b.       $184,700

c.       $198,900

Check your answers below.

 

Answer key: 1. A; 2. C; 3: B; 4. A; 5. B

 

 

How did you do? Share this with your friends and see who knows the most about mortgage!

 

Sources:

1. What Does a Red Door Mean? The History, Origin and Meaning of Having a Red Front Door

2. ABOUT FANNIE MAE & FREDDIE MAC

3. What Led to the High Interest Rates of the 1980s?

4. Online Etymology Dictionary

5. NATIONAL MORTGAGE DATABASE (NMDB) - AGGREGATE DATA