At current rates, the monthly payment on a standard $100,000 mortgage is $767, versus $834 at the peak.

The standard mortgage is a variable, with the rate rising automatically whenever the central bank raises interest rates.

Buyers typically will need only $45,000 in income to qualify for a standard fixed-rate 30-year mortgage covering 80 percent of the sale price.

On a standard 30-year fixed-rate mortgage of $100,000, for example, the monthly saving was $139 a month, or $1,668 a year.

"It's in paragraph 17 of all standard mortgages," Mr. Selsberg said.

Interest on the standard 30-year, fixed-rate mortgage is now about 8.5 percent.

"Even though the interest rate is higher than with standard mortgages, it could still work out as a cheaper option than renting."

Many countries have similar concepts or agencies that define what are "standard" mortgages.

In California, for example, one needs to earn $125,870 a year to qualify for a standard mortgage to buy a median-priced home, which currently costs $542,720.

She recently closed on a $135,500 condo but she said she could not have afforded it with a standard mortgage.