Mortgage rates in the U.S. have surged above 7% for the first time since May, reaching a new peak of 7.04%. This marks the fifth consecutive week of increases, with experts anticipating that inflation trends could further influence mortgage rates in the upcoming year. As homebuyers face a tough market, analysts are predicting potential relief as economic indicators develop. The recent rise signals a challenging road ahead for borrowers, with discussions about possible decreases only if inflation slows down significantly.