The USA is unique in that the standard mortgage is 30 years with a fixed rate. We also have a huge refinance industry, as everyone who gets locked in at a highe

The USA is unique in that the standard mortgage is 30 years with a fixed rate. We also have a huge refinance industry, as everyone who gets locked in at a higher rate wants to refinance when rates drop. Also the rates are artificially low as the government backstops the vast majority of residential home mortgages. In a free market the rates would be a lot higher, but they are subsidized by the government.