Interesting: I think a key point about that is in the US your long term fixes allow you to really have a higher house price and lower interest rate and show it costs no more. In Europe etc. this isn’t the case so you can pay the boom price then get hit by interest rate rises.

It is always better to get the lower price higher interest combo though if you can afford to overpay as it reduces the term more effectively due to compounding.

Also the lowering interest rates are a one way street so the people getting in at the older higher interest rates get more equity for doing nothing as the lowering interest rates increase house prices. The latecomers just get more risk of negative equity.

Nimbyism and insufficient new building is another topic!