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Worry not: soon it will be mortgage payments.
(How bad it will be depends mainly of the proportion of people with variable rate contracts)
I doubt it. Rates were so low that variable rate mortgages weren't very popular, additionally after 2008 rates have a lifetime cap on the increase. There also aren't mortgages that were issued either no chance of repayment, so the default risk isn't as large as 2008.
While there could be an increase in foreclosures and a puase/decrease in home prices, it likely won't be a massive crash like 2008.
Well, good for you in the US.
Here were I live - Portugal - salaries are low and the house prices bubble has been unbelievably massive for almost a decade, so a majority of mortgages have variable rates: it really was the only way they could afford paying such house prices with the low salaries they get.
I'm quite curious which countries will turn out to have large mortgage powder kegs and which don't.
Per market data, ARMs were very unpopular prior to 2021. I'd have to think that the generation stomped by 08 is the reason why. They're recently up from 3% to around 12%.