What becomes of homeowners who locked in 7-8% mortgage rates?

I’m curious how homeowners with 7-8% mortgages might react if rates drop to around 5%. Will they sell, refinance, or change their mortgage strategy?

my guess is most homeowners will hang in there and maybe even refinance even tho a bit messey. a few smart ones might try some hacks but generally, theyll stay put since switching loans might be more hassle than its worth. not all would jump on new deals.