As I understand this is mostly because mortgages in the US are usually 30 year fixed rate. Why buy a house today with 6%+ interest, when in the past couple of y

As I understand this is mostly because mortgages in the US are usually 30 year fixed rate. Why buy a house today with 6%+ interest, when in the past couple of years, although prices were higher, you could have got a mortgage with 3% or even 2%? Plus everyone is expecting a crash, nobody wants to be the sucker who bought at the peak in 2007, better to wait it out and see. In Europe it's the opposite where almost all mortgages track the 6 month Euribor (or equivalent central bank rate). In my country the maximum fixed term you can get is 5 years, after which it reverts back to variable rate. I'm in the process of buying a house now, and although prices may drop a little and the interest rate may get higher in the short term, in the grand scheme of things that doesn't really affect it much - the monthly payments on a mortgage are still much cheaper than what you would pay to rent.