Mortgage rates are headed higher again and some experts think it’s not impossible that the key 30-year rate will approach 7% again, after falling to a low

Mortgage rates rose to the highest level since early August last week. The average rate on the standard 30-year fixed mortgage reached 6.54%, according to a survey of lenders by Freddie Mac. Mortgage rates fell toward 6% in the build up to the Federal Reserve's interest-rate cut in September,

After hovering for two weeks, 30-year mortgage rates have now climbed higher for a week—reaching their highest level since July. Most other loan averages also rose Wednesday.

The average rate on a 30-year mortgage in the U.S. rose again this week, reaching its highest level in nearly three months.

US mortgage rates rose again this week, the fourth-straight weekly increase. That rise in borrowing costs has undone some of the relief Americans felt this summer when mortgage rates fell in anticipation of a rate cut from the Federal Reserve as inflation improved.

Most outstanding mortgages have a 6% or lower rate, which creates a " lock-in effect " for many current owners who don't want to swap a low rate for a higher one. This could limit homeowners’ willingness to sell, slowing or stalling the housing market.

The continued strength in the economy drove mortgage rates higher once again this week,” Sam Khater, chief economist at Freddie Mac, said in a statemen