Fannie Mae now predicts rates around 6.5% by the end of 2025 and 6.1% by the end of 2026.

Mortgage rates are up, but still under 7%. Today’s national average on a 30-year fixed-rate mortgage is 6.70%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 5.

Graham said rates started headed up in anticipation of Thursday’s job report. The better-than-expected addition of 147,000 jobs in June drove the nation’s unemployment rate down and made a case for the Federal Reserve to not lower interest rates. If unemployment had increased, “the Fed would be cutting rates ,” Graham posted Thursday.