Ask HN: How high will interest rates go?

My (UK) home mortgage renews April 2023.

Current mortgage is fixed at 1.68%.

The products I could remortgage on to from my existing bank are offering on a 2 year fixed term are around 4-5%. The wider market is showing about 4%. The Bank of England base rate is currently 3.5%.

I think it's a no brainer to pay off the mortgage (or at the very least significantly reduce the size of the mortgage).

No low risk investment (savings, bonds) is going to return more the cost of the mortgage.

What are people's thoughts? Are we going to see a lot of mortgage defaults next year? How high will central interest rates go?