You guys (I’m assuming you’re American?) are so lucky with your interest rates being fixed for the entire term of your mortgage. Here in Australia our interest rate can change every month.

As an example, my initial interest rate 15 years ago on my first house was around 3.5%. Within a few years it was down to like 2% and stayed there until 12 months ago. Now? Almost 7%! Repayments have almost doubled in the last year.

Same with my new house - repayments have gone up thousands a month.