People with a mortgage could be in for a shock this year

The latest Property Market Update from CoreLogic says all up, residential real estate is worth 1.72 trillion dollars, with 20 percent of funded by mortgages, and 80 percent household equity.

Chief property economist, Kelvin Davidson, says about two thirds of mortgages will need to be refinanced this year, and will face higher interest rates.

He says in some cases rates would have doubled.

Davidson says that will be a significant hit to some people's finances because rates have increased so sharply.