Re:British pound hits record low against the dollar
by xtracto on Monday September 26, 2022 @04:41PM
(#32988071)
Here in Mexico we have the same: A fixed rate for a mortgage is the rate you will pay for the 20-30 years that your mortgage lasts. Of course over here, the cheapest rate you will historically find is around 7%.
As I understand it, what the US considers a fixed rate mortgage simply doesn't exist in most countries, so it makes some amount of sense that the term "fixed" gets used for the next closest thing.