A 2.75% mortgage feels like the bank is paying you to borrow its money.
That's why so many homeowners stay put, even in a house they don't love. Giving up that rate is a big decision.
That's the locked-in effect.
Multifamily works differently. There's no 30-year fixed. Most loans run five or 10 years, so owners can't wait out the rate reset.
Are you holding onto a rate you'd never give up?