So far, this enhanced framework has performed well for our forecasters. However, it is important 2/6  BIS central bankers' speeches  to remember that, to date, most households have been renewing at mortgage rates that are pretty similar to the rates they signed up for five years ago.
As we go forward, people will increasingly face higher interest rates when they renew, and we will learn more about how people are adjusting. It is clear that many highly indebted households will face a difficult adjustment as their mortgages reset and interest rates go up.