Mortgage rates touched 7.5% in April, the highest they've been since last fall, per Mortgage News Daily data.

Why it matters: Our frozen housing market may not unthaw this spring.

The big picture: High mortgage rates are keeping homeowners locked in, and prospective homebuyers shut out.

• Experts were optimistic late last year that mortgage rates would drop in early 2024 and lure sellers and buyers off of the sidelines in time for spring.

Reality check: Mortgage applications have fallen since last week, and home sales have remained relatively stagnant.

The bottomline: Relief isn't coming any time soon.

Go deeper: Higher interest rates are rippling through the market again