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Douglas_Knight comments on Review: Selfish Reasons to Have More Kids - Less Wrong
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In the US, the large majority of mortgages are fixed rate. Until about 10 years ago, virtually all were. I think mortgages are a lot more popular in the US than in Europe. I'm a bit surprised that fixed rate mortgages haven't spread into Canada simply by proximity. Maybe they're propped up by Fannie Mae.
I have no idea what the ultimate reasons for it are, but in Canada, I don't think it's even possible to fix the rate for more than ten years. When Canadians speak of "fixed rate," they typically mean fixing it for only five years or so.
Wow. Yeah, signing up for a mortgage I expected to pay off over thirty years would frighten me with that arrangement.
All Canadian banks offer up to 10-year fixed rate terms, none do longer. "A typical mortgage in Canada has a 5-year term with a 25-year amortization period." Not sure what is so scary about that...