You have socalised mortgages through Fannie and Freddie and can budget knowing rates will be locked for decades because that's how they operate your banks have to do the same.
We have shitty WAY overpriced housing, some of the most expensive in the world in a small country (gazillons of acres but not many people) at the bottom of the planet ffs, we have poorly built housing stock with poor building codes (thin walls and slap giant HVACS on the side with no though to effiency) and cost a fortune to run
We only have privates mortgages with nearly all floating rates, we have a mostly protected cartel of lenders, the so called Big 4.
All our mortgages are full recourse, banks can persue you in perpetuity if u get I to trouble.