The 30-year mortgage is mostly a product of government. And in supply-constrained markets (most of the American coasts), low mortgage rates have mostly resulted

The 30-year mortgage is mostly a product of government. And in supply-constrained markets (most of the American coasts), low mortgage rates have mostly resulted in sharply higher-priced houses/land, which isn't good for anyone wanting to actually own a house. And that's one of the more benign results of mortgage securitization.