Mortgage rates are back above 7%, a level not sustained in nearly 25 years, and the ripple effects reach well beyond homebuyers. The 'lock-in' effect is keeping existing homeowners in place, existing home sales continue to slide, and refinancing has dropped to multi-year lows. Yet home prices remain near record highs, propping up the wealth effect that has kept consumer spending resilient. Here's what higher-for-longer rates could mean for households, the housing market, and