Salary increases tend to be parabolic when finishing college/adv degree and after 5-10 years plateau out with much smaller gains.
In my neighboorhood it seems that most people have 5 year adjustable at 4.5% and will reset in 2.5 years. I asked one neighbor if they are planning to move and they said no, we just wanted lower payments and they’ll just refinance! I think they can easily afford the new payments unless they have a loan that jumps up to 5% on first reset. Of course they can just take out a new 5 year adjustable. So most people will not lose their homes, but will end up taking 35+ years to pay off mortgage. In last 5 years nobody except us seem to give a hoot about paying off mortage. You should not have a mortgage after retirement. That is the scary issue.
