In the US, it's standard to have a fixed rate for the entire life of the mortgage. It's my understanding that this state of affairs is due to US laws and that most other countries tend to have floating rate mortgages.
That may explain why renting is the norm in a lot of other countries and owning a home isn't considered a big deal (while, in America, it's almost an obligation before you can feel like you've made it). Shifting terms is unsettling. I don't know the history of loans in the states, but I wonder how much of the 30yr fixed was established in response to everyone returning from service after WWII and starting families and buying property?
