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The article says rates have more than doubled since the beginning of the year. Uaing a mortgage calc for $400k and 20% down:

3.58% = $522k, or $202k in interest

7.16% = $778k, or $458k in interest

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There is nuance that interest changes over the period of the loan. In or so 2007 some people took 5% Euribor + margin loans, but only some years after it was negative. And since negative euribor was not written to contracs some paid less interest than was margin.

In the US, 90% of loans are fixed rate for the entire term.

https://twitter.com/RickPalaciosJr/status/150811381352611430...

but can be refinanced if lower rates become available

Not typical in the US where many/most? mortgages are fixed rate for the entire 30 years

My bad, I'm from Europe. I think here is vice versa.

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