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Its less of a problem of lock in here in Australia. Our rates tend to only be fixed for the first few years. Then you go to the variable rate. We have an opposite problem, where we have what's known as a mortgage cliff. People who signed up at affordable repayment amounts end that lock in period and have payments jump significantly. Some are forced to sell.
Being locked in seems better than being forced to sell.
I would like to introduce you to 2008...
Yes, just America was affectednbynthe global financial crisis. Unless you mean the sub prime rates, which ISNA different thing than fixed rates. Usually those on a sub prime rate are on a higher rate not lower.
Here in Germany you can decide how long you want your rates to be fixed, with the tradeoff being that longer times of fixed rates usually have slightly higher rates (in German its Zinsbindung).
I am lucky and happy that I chose to do 30 years fixed rates, after those 30 years I only have like 2k€ left anyway, so it doesnt matter what rates I get then really.