The US as far as I know is the only country where the government effectively underwrites 30 year fixed rate mortgages. Most other countries use adjustable rate

The US as far as I know is the only country where the government effectively underwrites 30 year fixed rate mortgages. Most other countries use adjustable rate mortgages. Any country that uses primarily ARMs and had extremely low rates and was experiencing a bubble but has now seen large rate increases is about to see a brutal and expedited housing crash. I heard an anecdote of a mortgage with an originally negative interest rate in the UK readjusting from GBP 1800 TO GB ~5000 per month this week. Brutal stuff.