[jbarham]

3.5% in the US is probably adjustable rate. 30-year fixed rate is around 4.66% (http://www.freddiemac.com/pmms/). Note that, AFAIK, the US is the only country in the world to offer fixed 30-year mortgage rates.

Here in Australia five year fixed rates are around 4.79%.

Swedish rates are crazy low. Lots of people are going to go bankrupt when they're forced to renew at higher rates.

[IkmoIkmo]

US is definitely not the only 30y fixed country in the world... how many countries are you familiar with? For example, the Netherlands has done 30y since forever. Current rates are between 2.5% (best case) and 3% (worst case with 0 down) for 30y fixed. 5y fixed is 1.2% to 1.6%, it's absolutely ridiculous.