Not sure what makes you think this, but most mortgages are a contract for 15 to 30 years that lock you into a rate until the house is paid off. You may be thinking of some kind of variable rate mortgage but I though those renewed the rates way more often than 5 years but I’m not sure. It’ll all depend on the mortgage terms.
The U.S. is the only country in the world where the 30-year fixed rate mortgage is the most popular way that people buy houses. It’s the deliberate result of government policy—government-sponsored enterprises Fannie Mae and Freddie Mac buy mortgages from lenders, ensuring that they continue to offer such loans at little risk to themselves.
Not sure what makes you think this, but most mortgages are a contract for 15 to 30 years that lock you into a rate until the house is paid off. You may be thinking of some kind of variable rate mortgage but I though those renewed the rates way more often than 5 years but I’m not sure. It’ll all depend on the mortgage terms.
https://www.investopedia.com/why-high-mortgage-rates-matter-less-in-the-u-s-than-in-other-countries-8384678
All the non-Americans here can’t get 30 year fixed mortgages, that’s why a good part of the Lemmings here are confused