Because, for a lot of people, the economy isn't improving.

Say you were on the verge of buying a house, interest rates have doubled, are at a 22 year high, and now you're priced out of the market.

Or, say you're like me and bought a house in 2021 with a 3.25% interest rate. You're locked in. You can't sell your house, a) because nobody could afford the 7% it's going to take to buy it and b) you likely can't afford the 7% it will likely take to buy a new house.

Refinancing isn't an option because who wants a higher rate. Ditto for a 2nd mortgage.

And this doesn't even get into rising food and fuel costs.