In the EU, a typical mortgage rate is the sum of the base rate and the 6-month euribor rate (which itself is typically reviewed every 6 months). The base rate of 1-2% is not unusual. The euribor rate has been zero or negative for years and the low rate should be still effective. The first big shock should come in 1H 2023 when the combined rate rises from e.g. ~2% to ~5%. The extra interest payment could be the cost of an average appliance. What will be IMO especially affected are various smart home solutions, robotic vacuum cleaners, air and water purifying devices, etc.
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