Yes it does and yes it's wild. A few years back you could have gotten a million-dollar 30-year fixed mortgage loan at like 2% interest. Nowhere else can you get that sort of long-term locked in borrowing rate.
It is wild and why home ownership is such a big thing in the US. I've got a low rate locked in, and been in my house for 10+ years. The house next door rents for 2.5x my total mortgage. My mortgage has barely moved during this time period (taxes and insurance go up). With only modest raises, the relative cost of my mortgage to income has made it something I don't even think about.
It's for sure present in other countries and in some places you could lock in 30 years 1.10%.