I think another mindset of consumers, particularly first-time homebuyers, is that they are aware there's a penalty if they break their mortgage term.
Most first-time buyers view their first home as a starter home with the intention of probably moving up at some point as they expand their families, etc. They are likely to want to err on the shorter side of a term versus the longer term that might appeal to someone who's more in their forever home and has a view that they can manage through a seven-year cycle.