Once upon a time, people were getting variable-rate loans for mortgages. I think my parents had one in the '80s. At the time, interest rates were working their way down. It was advantageous then. Now, it's a good thing to lock in a low rate and refinance entirely if rates drop enough to make it worth the paperwork hassle.
But I suspect those who bought in the last few years are looking at being upside-down soon if the housing bubble collapses again. And heaven help anyone who got a balloon mortgage in a house-flipping scheme that fails. Unless that is the case for you, the Good Lady has little to fear.
We paid over the odds for our house to get one where we wanted but fortunately it was the middle of a boom and there have been some hefty price increases locked in since then and all the while we have been paying it off like a bastard. I think we have two to three years left on our fixed rate. I hope things have calmed somewhat by then!
I had a variable rate back in the day roundabout 2007/8 just after the financial crash as the rates just lept falling and it made perfect sense. Iwould never go for one right now!