How is this good news for buyers? People who own homes are reticent to sell in this environment. Anecdote: I had my house built in 2016 for 340K with a 3.5% 3

How is this good news for buyers? People who own homes are reticent to sell in this environment. Anecdote: I had my house built in 2016 for 340K with a 3.5% 30 year FHA loan with PMI. I refinanced when it was worth $650K in 2020 with a 15 year mortgage and 1.9% and dropped PMI. I am paying roughly $300 more per month. Why would I sell my house knowing that I’m going to have to pay triple the interest rate? There are plenty of home owners who are thinking the same way. Even going a step further, https://www.chicagobusiness.com/residential-real-estate/people-rent-former-homes-instead-selling-keep-low-mortgage-rates https://www.chicagobusiness.com/residential-real-estate/peop... My wife and I decided to move. Instead of selling our old house, we decided to rent our house and buy our second home because we were paying basically nothing in interest.