Mortagage rates climb toward 7%

(CNN)– U.S. mortgage rates are on the rise.

A standard, 30-year fixed rate mortgage was nearly 7% in the final week of 2024, according to Freddie Mac.

The financing giant says that’s the highest level in nearly 6 months.

Analysts say these increased rates are making it more difficult for would be homebuyers.

The mortgage rate hikes have come despite the Federal Reserve cutting interest rates 3 times in 2024.