Conversely, the US 30-year-fixed mortgages are fixed at a much higher spread vs the central bank rate. You pay a premium for the bank to insure you against higher rates. It's effectively option pricing, and neither side has a free lunch.

I was very happy to get a <2% fix for five years last year. I don't consider myself "locked into a high rate" because the rates are asymmetric: interest rates get weird towards zero and you're never going to see a negative nominal mortgage rate.

(as rates tend towards zero, house prices would tend towards infinity)