I've just signed a 3-year fixed term @ 1.49% (at which point i'll then have to find another...). I'm pretty amazed at how different it seems to be in the US.
The 30-year fixed-rate mortgage is a result of substantial government intervention in response to a bunch of people losing their homes in the Great Depression. Prior to that, the US system was more similar to what I've heard of in other countries. https://www.marketplace.org/2013/11/25/sustainability/who-th...
A 3-year fixed term cannot reasonably be compared with a 30-year one though.