this is exactly what I was going to say 
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I’m pretty sure what he meant is that, in Europe, 30-year fixed rate mortgages aren’t nearly as common as they are in the U.S. In the UK, the standard for the fixed rate is more like 2 - 5 years. At least, that’s what Grok just told me. I’ve never actually shopped for a mortgage in Europe or the UK.
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That is true. 10 years is possible, but rare and often quite a bit pricier, so people tend to fix for less time.
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I interpreted that to mean that locking in a low mortgage rate for 30 years is not something that is done in most other places in the world.
Mortgages typically reset at some period of time, say every 5 years.
That way the risk of holding a low yielding instrument (in a rising interest rate environment) is not borne entirely by the issuing and holding companies. It is shared with the borower.
If the next crisis has really high and volatile interest rates, those mortgages will be done away with. They will not survive it.
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Thank you. I appreciate the clarification.
And being released on a Sunday, it slid past me until today. Good, I have some listening to get me through a handful of mindless chores this evening.