The Federal Reserve has hiked interest rates 15 times since last June and is expected to do so again next week, bringing the rate to five percent.

While that may not sound like a lot it's more than twice the rate millions of americans were locked into when they bought their homes using adjustable rate mortgages.

ARMs, as they're known, initially have a lower interest rate than fixed rate mortgages, allowing buyers low payments and big loans.

But as time goes by-- whether it's one, three or five years-- eventually those rates change with the market.

"The maximum typically an ARM rate can change after the initial period is 2% so you may see a change in payments from $50 to $150 dollars depending on what you owe," says Royal Credit Union Home Loan Representative Lisa Stelter, "It can make a big difference, but it doesn't always make a big difference. "

For people on a tight budget it's been more than enough.

Nationwide foreclosure rates have spiked 72 percent the first quarter of this year over last and have gone up 36 percent in Wisconsin.

It's a trend some say may force consumers hooked on easy credit to learn a tough lesson.

"If the public is able to witness what's happening, if new products do come along, people may have more foresight into what the ramifications are," says UW-Eau Claire economics professor Eric Jamelske.

Those ramifications include serious damage to your credit rating for at least seven to 10 years, as well as losing any and all equity in your home.

Right now RealtyTrac.com lists nearly 70 foreclosed properties just Eau Claire County.