What is being sold is not just the house, or even the financing attached to it.
It is access to a past version of the market that is no longer being offered.
And for everyone arriving now, the transaction is no longer about choosing where to live, but about deciding how much of their future they are willing to trade to stand in a place that used to cost less.
Bibliography
1. Realtor.com. “Mortgage Rate Lock-In Effect and Housing Inventory Constraints.” 2026. Analysis of how low-rate mortgages reduce housing supply and mobility.
2. Urban Institute. “Housing Affordability Trends and Cost Burden Analysis.” 2025. Data on rising ownership costs and affordability pressures.
3. National Association of Realtors. “Profile of Home Buyers and Sellers.” 2025. Evidence on homeowner behavior, tenure, and reluctance to sell under current rates.
4. Freddie Mac. “Primary Mortgage Market Survey.” 2021–2024. Historical data on 30-year fixed mortgage rate increases and payment impact.