The US and Denmark are the two well known jurisdictions with fixed rates for the loan term (typically 30 years in the US). Refinancing happens when rates go do

The US and Denmark are the two well known jurisdictions with fixed rates for the loan term (typically 30 years in the US). Refinancing happens when rates go down. Yes, this does mean lenders take a lot of interest rate risk. The whole US government mortgage securitization and insurance infrastructure exists to help transfer this risk to people who want it. More in this classic Byrne Hobart essay: https://byrnehobart.medium.com/the-30-year-mortgage-is-an-intrinsically-toxic-product-200c901746a https://byrnehobart.medium.com/the-30-year-mortgage-is-an-in...