The opposite is happening. Everyone with a 2-4ish% mortgage is holding onto it for dear life so supply is super low which is causing housing prices to continue to climb. Can’t blame those homeowners. Even if you sell your house for some inflated amount, you need to buy too and then you’re stuck with a shifty mortgage rate.
https://youtu.be/-w-58hQ9dLk?si=Q7yk8KseLBVcOLzF but Star Trek