JMNT(i)
4 Continuously approaching toward Whom – a living Stone, on the one hand being One having been and still being thrown away (rejected; disapproved) by mankind (humans; people), as the result of a test; yet, on the other hand a Chosen One, a Precious (Inwardly-valuable; [held]-in-honor) One, beside God (= side-by-side with God; = in the presence of God; = in God's view) –
5 you yourselves are, as living stones, continuously being erected (or: progressively constructed and built up), [being] a spiritual house (a building with its source being the Spirit, with the characteristics of a Breath-effect), into a set-apart (or: holy; sacred; different-from-the-ordinary) priesthood to bear up spiritual sacrifices (or: offerings) well (or: most) acceptable in God (or: by God; to God; with God), through Jesus Christ,
6 so that it continues being contained (encompassed; included) in Scripture: "Consider (Behold; Look)! I am progressively setting (placing; laying) within Zion a chosen (picked-out), precious (held in honor and value) cornerstone lying at the extreme angle, and the one habitually trusting (relying; believing; investing loyalty) upon It may by no means be disgraced or brought to shame or be disappointed." [Isa. 28:16]
7 Therefore, in (or: for; with) you folks – those habitually trusting (constantly believing and remaining convinced) – [is] the Precious and Honorable One (or: To you then, who continue loyal, [He is] valuable). Yet for (or: to; in; with) those continuing being without faith (or: being habitually distrustful; being constantly unbelieving or disloyal), [He is] "A Stone which those in process of building the house reject (or: threw away after inspecting and trying) – this One is brought to be (or: was birthed) into [position of] Head and Source of [the] corner, " [Ps. 118:22]