It sucks but that is why variable interest rates suck. I saw quite a few videos online about how getting fixed rates are the best thing to do when the interest rates were low. After all, nobody knows when the rates will turn around. It's just easier to have a few variables in your control rather than leaving it up the banks/governments.
I feel that the variable rate is a trap that once they have enough caught, they start artificially increasing it to maximize the gains.
Yes. I feel that it is also a trap but people take that risk when they sign the contract. I prefer a fixed rate one.