Well, I definitely got boned and made the wrong choice when I renewed my mortgage last year. I took the 5-year variable at prime minus -1.26% with a net interest of 1.19%.
The fixed being offered at the time was in the low 2%'s I think.
My strategy was that I could save money for a while and beat the fixed rate, stomach a few eventual increases, and still be ahead which obviously backfired. I had no idea rates would go up this much and this quickly.
This has resulted in a $400/month increase in payments which fortunately our family can stomach. However there are many families who will have to take a serious look at their spending and finances.
If I try to fix it now, the rates are much higher so may as well ride it out I guess (unless we think it will go even higher).