It is actually pretty much the case for most US homeowners. Everyone I know refinanced their mortgages when interest rates were lower. I got a 2.874% 30 year fixed rate mortgage in 2021 which was a great deal, but now I am essentially stuck here. There's no way I can afford to move. Existing home sales volume is way down.
You are lucky to win the housing lottery. Congrats! Can you imagine being a young couple (20s 30s) trying to buy your first home the US right now? Hopeless. Wait a few years as an oppressed renter!
Yes, I am lucky in many ways. But the US home ownership rate is 65%, so it's hardly a lottery. Many young couples are buying homes in lower cost states like Utah, Minnesota, and Ohio. HN users focusing on California often have a distorted perspective on the situation out in the real world.
https://www.wsj.com/articles/low-mortgage-rates-home-sales-l...
https://ycharts.com/indicators/us_existing_home_sales
The situation may be different in other countries.