A warning that homeowners stuck above 6% have only a few months to refinance before rates and home prices fall together — bad for sellers, mixed for buyers.

• Mortgage rates are rising now because government bond yields are climbing, not because the Fed is hiking.
• This is slowing the housing market, and the slowdown is expected to drag the economy and stocks down with it.
• When rates finally fall, home prices will be falling at the same time, as more people list and sellers compete.
• People who bought recently at over 6% have a short window to refinance into a lower rate.

Outlook: Over the next few months, expect a slowing market, falling stocks, and home prices dropping alongside falling rates.