This article explains how the hike in interest rates in 2022 has negatively impacted anyone with a mortgage. Snelgrove explains how the hike in interest rates will slow down spending for everyone which could also affect inflation. He also lists a few things that will be affected by additional rate increases. One, monthly mortgage payments will increase. "A $700,000-plus mortgage will increase your payments to around $340 per month. Many will lose equity in their homes or lose them entirely. Two, the number of renters who would normally move on to purchase homes will slow down, causing the ability to find a home to rent to tighten. Therefore, rent rates will also increase because of supply and demand. Three, the subcontractor's income will go down because fewer people will be hired for renovations and home building. Four, all other industry workers will decrease as well due to a lack of customers. Five, more government assistance will be needed which will cause the government debt to increase. Many things will happen if rates increase, and none of it is good