> People with mortgages have been making out like bandits for decades, and have recently locked in historically low interest rates that leverage their economic

> People with mortgages have been making out like bandits for decades, and have recently locked in historically low interest rates that leverage their economic gains even further. Depends on jurisdiction. Canada's housing market has most of the same problems as the US's, but you can't really lock in low interest rates for longer than five years - so if you raise interest rates, you leave people five years from now underwater and having to renew for the next two decades at high rates.