At the same time, there has not been a housing crash. Surely if you have to lock in the current rates for 30 years, property prices must come down significantly (to the point of a crash), all else being equal?

So therefore, does that mean that the housing market is just frozen, i.e. number of transactions is way down? That does not make a lot of sense either, as some people need to sell and some need to buy. People would also likely rent out their properties instead of selling, so rents should be coming down too.

So then, are we in a suspended 'just-ran-off-the-cliff' situation waiting to look down, so to speak? Is a crash in house prices/rents/both around the corner?