1 Peter 3:7

⁷ Husbands, likewise, dwell with them with understanding, giving honor to the wife, as to the weaker vessel, and as being heirs together of the grace of life, that your prayers may not be hindered.

likewise — probably back to 2:17 where Peter begins his instructions to various people—servants, wives, husbands—with a command to “honor all people. Love the brotherhood.”

The word “honor” is the translation of the same Greek word in 1:19 translated “precious.” Husbands are to deem the helpmeets which God has give them precious, and are to treat them with honor. The word “giving” is the rendering of a Greek word which means “to assign to, to portion off.” Husbands should keep a special place of honor in their hearts for their wives. They should treat them with special deference, courtesy, respect, and kindness. The word “vessel” is the translation of a Greek word referring to a vessel used in the services of the temple (Mark 11:16), also to household utensils. The English word comes from a Latin word vasellum,the diminutive form of vas, a vase, the Latin words referring to a receptacle which covers and contains. Thus, the word comes to refer to an instrument whereby something is accomplished. It is used in the latter sense here. The word is used of Paul who is called “a chosen vessel” (Acts 9:15), a chosen instrument of God. The husband is to dwell with the wife, remembering that she is an instrument of God as well as the husband, a child of God to be used by Him to His glory. The husband must ever keep in mind that she is the weaker instrument of the two, not morally, or intellectually, but physically.  This attitude toward the wife on the part of the husband therefore includes loving consideration of the wife in view of the fact that she is not physically as strong as he is.

The husband should pay due honor to the wife because she is a joint-heir together with him of the grace of life, eternal life, the gift of God. That is, he is ever to remember that Christ died for her as well as for him. … This admonition was especially needed at the time when this letter was written because of the low place in general which was accorded womanhood. … The word “hindered” in the Greek text means literally “to cut in, to interrupt.” Failure to give due honor to the wife will result in a cutting in on the efficacy of their united prayer. — Wuest, pages 82-83.

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Peter takes the opportunity to remind [husbands] to dwell with their wives according to knowledge. Emotionally, women are far more complex than men. Consequently, if a husband takes the time to get to know his wife more intimately it will enhance the marriage relationship. — Sadler, pages 104-105.

Wuest says women are weaker physically,  which generally is true. Sadler says that weaker means emotionally complex, which is also true. I think Peter probably had both in mind.

Again, I think it’s important to understand the dispensational context to get a full understanding of the meaning of the last clause of this verse. Under the covenant, works were required as a demonstration of faith (instead of as a response to grace, as is the case today). If a kingdom-believer husband treated his wife unfairly, I believe his prayers would have been hindered.

James wrote to the same kingdom believers and said of prayer: “If any of you lacks wisdom, let him ask of God, who gives to all liberally and without reproach, and it will be given to him. But let him ask in faith, with no doubting, for he who doubts is like a wave of the sea driven and tossed by the wind. For let not that man suppose that he will receive anything from the Lord; he is a double-minded man, unstable in all his ways (James 1:5-8). James wasn’t referring to husbands and wives specifically, but he was stating that those who prayed in the wrong spirit—in that dispensation—would not have their prayers answered. Paul says nothing like this—while still encouraging and instructing husbands to treat their wives with honor (Ephesians 5:25-29; Colossians 3:19).