Mortgage rates climb for 5th straight week, pushing average rate on a 30-year home loan above 7%

Mortgage rates have increased for the fifth consecutive week, causing the average rate for a 30-year home loan to exceed 7%. This trend of rising borrowing costs has left the housing market stuck in a rut throughout the current year. According to a senior economist at Realtor.com speaking to CBS News, rates are far more likely to continue climbing than to decrease by the end of the year, raising questions about future peaks.