Thats only if your earnings will also grow, keeping you ahead of the curve of growing interest rates, which will not be the case for great majority of workers.
I have a mortage in Poland. Base rates went from 1.5% to 6.75%. My mortage’s monthly payment went from 1792PLN to 3200 PLN (~715 USD), where 3000 PLN is interest. This is not big enough to bankrupt me, but 1000 PLN is a lot of money here and a lot of people feel the pressure so our govt enacted law that lets you move four rates in a year to the end of mortage for two years, effectively extending the mortage by 8 months, but at no base cost of mortage changing.
I have a mortage in Poland. Base rates went from 1.5% to 6.75%. My mortage’s monthly payment went from 1792PLN to 3200 PLN (~715 USD), where 3000 PLN is interest. This is not big enough to bankrupt me, but 1000 PLN is a lot of money here and a lot of people feel the pressure so our govt enacted law that lets you move four rates in a year to the end of mortage for two years, effectively extending the mortage by 8 months, but at no base cost of mortage changing.