I agree that low fixed rate long term mortgages contribute to higher housing prices. And the reason 30 year fixed rate loans are common in the U.S. is because

I agree that low fixed rate long term mortgages contribute to higher housing prices. And the reason 30 year fixed rate loans are common in the U.S. is because the government (taxpayers) backstop most of the loans. Bank wouldn't be stupid enough to underwrite a 30 year loan at historically low interest rates of 3%.