Is it possible to hedge interest rates?

Hi!

Yes interest rate can be hedged. You can make use of floating rate bonds, so that the interest you received will be linked to the market rate. This means that incase the market rate increases, you will also more interest and vice versa.
You can also make use of derivative products, such as interest rate swaps and interest rate futures to avoid future uncertainty in interest rates. You can include some equity into your portfolio to get some diversification in the portfolio as well. This will have a higher risk but will help you avoid concentration risk.

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If you mean hedging against the risk of floating interest rates moving against you - yes it is possible to enter into swap arrangements to change the floating interest rate into a fixed interest rate.

These instruments would generally only be available to institutional investors.