[throwawaybbq1]

US mortgages are unique I believe. Canada does 5 year fixed and you refinance at the current rate.

I believe the US mortgages work because of Fannie Mae/Mac and a market in mortgage backed securities ( MBOs? I thought they caused the 2008 crisis but I think they are still a thing with better risk management, I dunno?).

[pessimizer]

It was auction-rate mortgage backed securities that triggered everything. If you see those start showing up again, know we're heading for an awful place.

[sandydan]

It’s not, my primary option when buying in France was 10-20 year fixed

I assume there are a good deal more countries with that sort of market