Those homeowners locked in with low rates do not wish to sell, but cannot maintain a standard of living with their current income and increased expenses. They may not qualify for an equity loan due to tighter credit conditions in the marketplace. So they believe they are stuck and face mounting credit card debt.
Same with home buyers essentially, although for different reasons. Mortgage rates above 6%, limited home inventory on the market, and now a limit to the marketability of mortgage bonds will place even more pressure on mortgage rates even if the Fed pauses the interest rates per the Wall Street Journal in its article today “How the Bank Mess Can Hit Home Buyers“. This will limit home sales for those who are not cash buyers.