Over the last 2 years the housing market went ballistic while the fed and gov assured everyone rocketing inflation was "transitory".
Now most "consumers" assume Powell and the rest of the weaels werre speaking to us. They weren't. They were speaking to producers and suppliers.
The true cost of your every day times should be much higher based on simply how much money has been printed (this includes Trumps time). Suppliers/producers kept costs down by taking a cut out from their own profits.
Now that the fed is raising rates (multiple times in '22), these entities will want to:
A) Make up for losses due to a number of factors including but not limited to: expiration, market trend, regulations, costs due to losing employees and on and on.
B) Make up for the profit they lost due to cutting their own margins.
Now you may say to yourself "well, my mortgage accounted for rate spikes". That's irrelevant here.
You'll still pay your x amount for your mortgage however the cost of absolutely everything else is going to up, way up. This makes it far more difficult to pay the large ticket fixed costs (home, car).
Simultaneously, currency inflation will add the cost. Don't think suppliers/producers aren't taking that into account when they price your goods/services.
Everyone should be aware of whats coming this year. Don't fall into the trap of avoiding your finances. You should be watching them like a hawk.
Everyone needs a budget.
Start a spreadsheet. First column is the date, second is description, third is amount, and fourth is running balance.
List all your income sources and the dates you get paid from them on a piece of paper. List all your bills and the dates they are due or when you usually pay them on a piece of paper. The incomes will be positive numbers, and the bills will be negative numbers. Also, add a bill item for your weekly expenses, such as groceries, gas, medicine, etc. I used to put it in a monthly lump, but now I have it in weekly amounts to smooth things out. If I need gas, I buy fewer groceries that week. That works for me, as I don't use much gas. If you use a lot more gas, you might want to make it a separate item.
Put all this in your spreadsheet, and plan it out for two or three years. I round everything to whole dollars so it's a bit simpler.
With the running balance running down the right side, you can see ahead of time where there might be tight spots, so you can cut your spending a bit ahead of time to help out. If you see a surplus on the other hand, you can transfer some to your savings.
If you normally make more than you spend, add a column for savings deposits and a running balance for that. If you have other accounts, such as money market, add two columns for each of those.
The first line of the sheet will be your current account balances. You will change this every few days and delete incomes and bills as the dates pass by. I save mine as separate date files each time so I can go back and see where I screwed up, if that happens.
This has helped me tremendously. I used to be surprised by bills sometimes, but no more.
As far as home mortgage interest, I would check to see if you can refinance and get a cheaper rate before they jump up again. You might save $100 or more a month.