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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?).

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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.

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

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