Mortgage rates tick up for 4th straight week

(CNN)– Some house hunters may want to put their searches on hold for a little longer.

Mortgage rates are still on the rise.

According to Freddie Mac, the average rate for a standard 30-year fixed mortgage is nearly 7%.

This is the 4th straight weekly increase, and the highest rate since May 2024.

Many economists say they expect mortgage rates will stay above 6% through 2026.