Everyone freaked out about rising wages because they saw fast-food worker "we're hiring" signs offering $17/hr... meanwhile the $20/hr worker nearby saw a 1.5% COL raise in a 10+% inflation environment (and higher inflation on the cost of things that actually matter).

The balance on an existing loan doesn’t increase with inflation, though.

Yes, but the interest payments on mortgages with variable rates had doubled. Now some people basically are paying interest only without paying off their principal amount.

Most folks aren't on variable rates.

If you're on a fixed 15-year or 30-year then inflation is generally working in your favor.

Salaries not going up is not directly related to mortgages, and while I can't speak to all jobs, has been pretty good in the STEM field.

<2% of US homes are on variable rate mortgages.