[bombcar]

The US market is greatly formed by the Great Depression - before that both sides could "call" the mortgage at anytime, basically (you could pay it off anytime you wanted, and the bank could call you and say "pay us cash tomorrow"). But nobody ever really DID either of those except from normal business (moving, missing payments, foreclosure, etc).

And then the 1929 market crash wiped out the banks so they called in all their assets (loans).

And so now the US Government steps in and says "banks you can't do that" and the banks said "then screw lending" and the government said "we'll buy and resell the loans with our guarantee" and the banks said, "oh really hmmm".

You can get ARMs for real estate in the US, and they may become more attractive as rates rise; the rates were so low it wasn't really worth it to even consider, but they exist - here are some: https://www.bankofamerica.com/mortgage/adjustable-rate-mortg...

The average American holds their loan for something like 7-10 years before either moving/selling or refinancing, so an ARM can be a worthy consideration. But you must plan around what it could do "worst case".