Mortgage broker here. It's a shitty criminal product all around. First, most loans are owned or insured by the government meaning they control both supply and demand to an extent. They also control rates so it's a complete monopoly. The "interest" you pay on a mortgage is literally theft since most loans are insured by the same gov that you pay taxes too. So if you default and the lender can't recoup their loss by selling the siezed home then the government covers it. So you are paying ridiculous interest on a risk free invesment by the lender that in essence (through taxes) you paid to insure. Home appreciation allows the gov to make even more money whilst applying ever growing boot on the neck of the average homeowner/family, oh and also cover inflationary losses. I haven't done a loan in the last 4 months because it makes me sick.