There was a sweet spot about 10 years ago when mortgage rates hit bottom but people were still afraid to buy and house prices were affordable. Mortgage rates today are still extremely low by historical standards, but unfortunately at the same time that mortgage rates have been rising, so have house prices (somewhat oddly), so affordability is horrible.

I think the comment you overheard is pretty typical - people are stuck in houses since if they sold and moved elsewhere their monthly payment would be double or more. People retiring and wanting to move from good job locations to cheaper retirement ones are not able to do so.