If you're lucky enough to still be holding bonds with coupon rates above 5% then they've been doing awesome.
From what I've seen, any new issues coming out are down at the 3-4% interest, which means you're getting bonds on the secondary market for less than the original value. Typically there's some reason or another people would take a loss on a bond.
Usually it's because the long term prospects of the bond are in question. Is the underlying business okay? What is the credit rating of these companies?
The only other issue to be aware of is that if interest rates do rise, this can push the "value" of your bonds down (not necessarily bad, just that there are other bonds out there with better price to rate / risk). In this case, it simply means that your recourse is to either sell at a loss, or hold till maturity, not a bad problem to have. I think a lot of the bond gyration in the market that occurs is due to minute indicators from the Feds about interest rates, but the actual act hasn't really come around, so prices keep going back and forth on this point.
With that in mind, where are you finding coupon rates of 7%? What broker do you use? My broker only allows investment grade bonds so there's nothing higher than 4.5% except on the exceptional distressed bonds that show up once in a while.