[rpeden]

25 year amortization period, but even most "fixed rate" mortgages are only fixed for a 5 year term, at which point you have to renew at the prevailing rate.

You can get a 10 year fixed rate but you'll pay a substantially higher interest.

So many people with a fixed rate are still forced to renew for another term at a much higher rate right now.

But as you mentioned, the shorter total duration probably explains part of the differential as well. That, and very high property prices in many parts of the country.