Mortgages evolved from exclusive agreements for the wealthy into a key part of homeownership today

The term ‘mortgage’ was born out of the French word for ‘dead pledge’

Borrowing money to buy a house has been a global practice since the Romans in the fifth century BCE. But before the mortgage, there was the “dead pledge,” which labeled the property as “dead” to the borrower until they paid off their loan to the lender.

For much of human history, homeownership was primarily associated with the elite

Before the Industrial Revolution, early mortgages were rather exclusive loans given only to nobility. But as more people gained more wealth through the Industrial Revolution, banks began to take on “higher-risk” loans to everyday people.

Mortgages are loans used to buy property

A mortgage is a loan used to buy property, like a house. Borrowers typically put down a percentage of the cost of the home, and the amount left over is financed through a lender, like a bank.

In 2024, 74% of homebuyers took out a mortgage

Debt owed on mortgages made up about 70% of US consumer debt as of 2025. Mortgage collateral ensures the lender isn’t at a complete loss if the borrower defaults. Under most mortgage contracts, the property is considered collateral under the loan. This means that if a borrower doesn’t repay the loan, then the lender can seize their property.

Buyers used to borrow money from people within their communities to purchase property

Historically, borrowing money from other people to purchase property was common until private financing companies—primarily building and loan associations—stepped in to offer mortgages to buyers.

Refinancing a mortgage is when a homeowner exchanges their current loan for a new one

Homeowners typically refinance to secure a lower interest rate and potentially a new loan term length. Debt owed on mortgages made up about 70% of US consumer debt as of 2025.

Mortgage insurance offers help to buyers who can’t afford to put down 20% up front

Buyers who need mortgage insurance end up paying more per month on top of their loan to cover the added insurance. At its core, mortgage insurance helps buyers purchase a home they can’t afford, letting them put down 20%, while protecting lenders offering potentially risky loans.

Fannie Mae and Freddie Mac are federal housing enterprises originally established to offer affordable housing loans to buyers

The Federal National Mortgage Association is commonly called Fannie Mae, and the Federal Home Loan Mortgage Corporation is called Freddie Mac. Since Fannie Mae’s creation in 1938 and Freddie Mac’s in 1970, they’ve become staples of the housing market.

Modern payday lending came about in the late 1990s

In the early 1900s, unlicensed "salary lenders" used to give consumers one-week loans at annualized percentage rates of more than 100%. But wage garnishment and financially abusive practices led some states to create special licenses for lenders and implement rate caps to protect consumers. In the 1990s, a series of deregulations in various states opened the door for the modern payday lending industry to take off.

The pros and cons of long-term renting

Soaring mortgage rates and inflated home prices have led more consumers to opt to rent instead of buying, becoming “forever renters.” This article weighs the costs and benefits of renting instead of buying. Benefits include flexibility, less upkeep, and potentially lower expenses, while downsides include less stability and reliance on landlords. Read this article and decide whether homeownership or renting is the choice for you.

Why Americans keep buying McMansions

Some argue that McMansions—large, relatively newly built, amenity-filled, cookie-cutter homes—are ugly. Others say they're just not a good investment. And yet Americans continue buying them. This video explores why McMansions are still popular despite these criticisms, and how these homes got their start in the first place. Watch the video here.

30-year fixed mortgage rates have changed significantly over time

In the 1980s, 30-year fixed mortgage rates peaked just under 17%. During the COVID-19 pandemic, they were much lower, hovering around 3%.

Marriage as a concept is believed to be at least 4,300 years old

In the past, formal marriage spread because it was a great way to accumulate property and allies. Now, some couples want love and healthy companionship. Marriage has undergone many transformations, from the inclusion of consent, thanks to religious leaders, to sanctification by the state.

A deed is a legal document that shows change of homeownership during a sale

A deed differs from a title, which is the actual right of ownership to a property, and a concept rather than a physical document. These days, many deeds are online rather than physical pieces of paper kept in a home.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

Mapping early New York

Want to see how Wall Street (and New York City as a whole) has changed over time? Use this timeline and map to see Manhattan today overlaid with the precise boundaries of early land grants to the Dutch in the 1600s. Scroll through the progress of city building through the first century of European settlement there.

The lifetime cost of the American dream exceeds $5M

A new analysis suggests it costs millions of dollars to maintain the American dream over a lifetime. The price tag includes retirement, healthcare, higher education, homeownership, and other core elements of a comfortable life for the average American.

How dentistry evolved from carnival sideshow to respected medicine

The field, which has remained siloed from other medical care, also has a separate insurance system. This podcast walks through how and why dental insurance often remains capped at $1,500 primarily to cover cleanings, and it wouldn't cover catastrophes—unlike many other medical or housing insurance models.

The movie adaptation of ‘The Big Short’ provided a visual for the 2008 housing bubble

A scene from "The Big Short" visualizes how Wall Street bundled shaky mortgages into complex housing bonds and sold credit default swaps on top of them—showing, step by step, how the structure of the 2008 housing bubble was vulnerable to collapse.

Visualizing the history of money

Money is any medium of exchange used in payments for goods or services and can take many forms. From cattle and shells in ancient times to paper and blockchain today, money has taken many shapes and sizes. This infographic illustrates some of the major forms of exchange world cultures have used over the last 5,000 years.

What your credit score actually means

The modern iteration of credit scores hasn’t been around for that long—it was invented just a few decades ago, in 1989. This video outlines how the credit scoring system has evolved and become more complex since then. Plus, it explains what your credit score actually means, what factors impact your score, and more. Watch it here.

US housing costs have risen by roughly 175% between 1991 and 2026—but a growing number of Gen Zers are becoming homeowners anyway. In 2025, 4% of homebuyers were Gen Z, up from 3% the year before.

How income taxes evolved from a funding tool for war into a crucial revenue source for the federal government

Americans have long resisted income taxes. So, how did they become permanent? This overview explains how wartime funding needs, constitutional changes, and economic shifts gave rise to the modern tax system, from the Civil War to the payroll withholding rules we follow today.

How couples today manage their finances

In relationships, shared bank accounts used to be the default. Not anymore. Many couples maintain separate finances for practical reasons or to retain greater independence, though many couples experience trust issues as a result. This article checks in on the status of relationship finances and highlights, among other insights, how attitudes toward money are often determined by family history.

Where did zombies come from?

This 17-minute video dives into the origin of modern-day zombies. Zombies can be traced to early West African spiritual practices, specifically Vodou. Vodou evolved from the mixture of beliefs held by enslaved Africans in the French colony of...

An exploration of the life and death of US malls

American malls sought to recreate the cohesion of a downtown shopping center but with the indoor, quiet convenience of a rural or suburban setting. First developed in the 1950s, malls quickly took off and became the spine of American retail shopping. In the last two decades, online retail has forced many to close, leaving behind peculiar, vast abandoned spaces. Pick through the stark nostalgia with this fascinating photo essay.

Fascinating evolution of the oven

From ancient wood-fired ovens in Rome and Egypt to modern microwaves, the oven’s evolution has shaped how we cook. Early ovens focused on heat retention, but breakthroughs like the gas stove in 1834, and the electric stove in 1892, brought precision. Then, in 1967, the microwave redefined convenience.

The power and influence of the American presidency have expanded significantly over time—far beyond what the founders envisioned.

Trace how the Bill of Rights, inspired by centuries of political theory, took shape between 1774 and 1789.

In its famous catalog, Sears sold $600 DIY house kits from 1908 through the 1940s, resulting in an estimated 100,000 'Sears and Roebuck homes.'

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

Frank Lloyd Wright's houses are historically hard to sell because they're old, subject to local landmark commissions, and often unfashionable

The first horror movie is believed to be George Méliès' 1986 short 'The Haunted Castle,' which pioneered the use of special effects

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

Memecoins are a type of cryptocurrency—a form of digital currency with a wide variety of uses—created around popular 'memes,' or viral internet jokes.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

The Brothers Grimm were lawyers before they were storytellers, and became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.

Watch this video that uses Lego bricks to explain how venture capital works.

Long before Major League Baseball began allowing instant replay for balls and strikes, an umpire reluctantly used the technology to determine whether a hit was a home run, a move that inadvertently ushered in a new era for the sport.

Hear about the 250-year history of the United States Postal Service, complete with some of its strangest deliveries, important innovations, and the figures that made it an American institution.

The story of Dollree Mapp, whose legal challenge over her 1957 conviction for possessing "obscene material" led to a major strengthening of the Fourth Amendment

The history of many kitchen appliances involves unexpected discoveries and applications, including wartime radar turned hamster defroster and replacing an 'ice king' with heat-stealing boxes.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

The American cockroach is actually from Africa, an apparent hitchhiker aboard ships carrying enslaved people, with evidence suggesting the bug may have arrived in the New World as early as the 1600s.

Apeirophobia is an overwhelming fear of living forever, perhaps stemming from the brain's inability to conceptualize an infinite life.

Budweiser stores yeast derived from the original 1800s strain in a secret bunker, which only the Head of Yeast Management can access—not even the CEO

Graffiti dates back to at least ancient Pompeii, where citizens scrawled messages to one another on public walls

Explore an interactive map built from more than 100,000 survey responses on where people find joy in their lives

Volcanoes 'die' when their supply of magma runs out, if they are shifted away from their underlying magma reservoir, or if they get clogged by collapsing or their magma cooling back into rock.

Take a 3D tour of the Hajj, Islam's annual pilgrimage to Mecca, undertaken by over 1.5 million Muslims.