Mortgage rates rose again for the sixth straight week, with the average 30-year fixed-rate note topping 7% for the first time since May as the housing market continues to struggle.

The 30-year mortgage rate inched up for the fifth week in a row, Freddie Mac says, making it more expensive to take on a mortgage.

Following Trump's inauguration, the Federal Reserve will hold its first policy meeting of the year. Though economists believe the Fed won't raise or lower interest rates on Jan. 29, investors will be looking for any signals to inform their risk assessment and trading strategy, all of which could impact the direction of mortgage rates.

Mortgage rates are back above 7%, and that’s slowing an already sluggish housing market with potential buyers choosing to wait on the sidelines to start the year. Home sales have stalled in January, down 10% in the most recent week compared to a year ago,