It does, but it's generally discouraged and not common. Fixed rate mortgages are far more common and desired. We also have mortgage types that start at a fixed

It does, but it's generally discouraged and not common. Fixed rate mortgages are far more common and desired. We also have mortgage types that start at a fixed rate and then after some period of time become variable. Many of the variable rate mortgages also have caps on how much they can float per year.