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[–] 0 points 2 years ago (1 child)

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.

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  • [–] 23 points 2 years ago (1 child)

    The U.S. is the only country in the world where the 30-year fixed rate mortgage is the most popular way that people buy houses. It’s the deliberate result of government policy—government-sponsored enterprises Fannie Mae and Freddie Mac buy mortgages from lenders, ensuring that they continue to offer such loans at little risk to themselves.

    https://www.investopedia.com/why-high-mortgage-rates-matter-less-in-the-u-s-than-in-other-countries-8384678

    All the non-Americans here can't get 30 year fixed mortgages, that's why a good part of the Lemmings here are confused

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  • [–] 4 points 2 years ago

    30 year fixed rate with a 30 year pay-back period is available in the Netherlands too, but most people take the 20 year fixed rate for a 30 year repay period, because it's lower interest, and after 20 years, the remaining principal is pretty low.

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