The absolute rate isn't a problem right now, it's the Fed bouncing between extremes. Keeping rates extremely low for many years, followed by a very fast series of increases. If they had been more moderate with either of those factors things would be a lot less painful right now.

None of this is all that surprising either, which makes it even more frustrating. A great many folks were critisizing the Fed for keeping rates so low when the economy was booming, and I don't think many are surprised that the rapid increases have created instability.