Step 1 :Since $y$ is inversely proportional to $x$, we have $y = \frac{k}{x}$ for some constant $k$.
Step 2 :Using the given values $y=7$ and $x=9$, we can find the value of $k$: $7 = \frac{k}{9} \Rightarrow k = 63$.
Step 3 :The equation connecting $y$ and $x$ is $y = \frac{63}{x}$.
Step 4 :To find the value of $y$ when $x=21$, we substitute $x=21$ into the equation: $y = \frac{63}{21}$.
Step 5 :\(\boxed{y=3}\)