Yep, 2.7% here. Bought in summer 2020. I really like the house, but the property is challenging as its a big slope. I didn't realize all the challenges in dealing with that. However, it's starting to grow on me and I'm still getting what I want out of my land its... just... more work and money. I got such a good deal it doesn't make sense to leave.

Car loan at 3.2%…

I’m so envious, I’m buying a car rn and I’ll be lucky to get 9% or 10%

WV. Not worse, just differently bad.

Nope, US has 15 and 30 year fixed rates available. You can get an arm that has a variable rate, but they've been un popular after 2008, and with the low interest rates not worth it.

That’s not a thing in the US like it is in Canada. I can keep my sub 3% mortgage for the 25 years I have left on it.

I haven’t heard of having to renew mortgage interest rates. A fixed interest rate should be good for the life of the loan.

I’m at 2.875% on a 25-year loan. I never plan on moving.

In USA, refinance happens only when consumer wants to. Usually to get a better rate or cash in on some equity I think.

Nope :)

I think you may be thinking of an ARM (adjustable rate mortgage) where the bank recalculates the interest rate every few years based on the current federal rate (I'm not a money-ologist, but I think that's the broad strokes of it).

I pay 2.1% APR until it's paid off or I choose to refinance again (lol, right). The only thing that changes my monthly payment are the stuff paid from escrow (property taxes and homeowners insurance) since those can vary and the bank takes care of those by folding them into my payment amount.

Not sure what makes you think this, but most mortgages are a contract for 15 to 30 years that lock you into a rate until the house is paid off. You may be thinking of some kind of variable rate mortgage but I though those renewed the rates way more often than 5 years but I'm not sure. It'll all depend on the mortgage terms.