When the water going through a valve is restricted it will often produce a whistling or squealing noise. Confirm the in-coming cold-water valve is fully open. Also, be aware that water pipes in older homes can often make a knocking noise when air gets into the pipes. This is a normal occurrence, and the noise will quiet down when the air pockets work their way out of the pipes.
Highly Likely
02 - Condensation or Leak in the Tank
If the burner is hissing and popping for a couple of minutes when it first ignites there may be condensation dripping onto the burner. If the noise persists, the tank is likely leaking and dripping water onto the burner. Look under and around the bottom of the tank for leaks. If the tank is leaking it will need to be replaced.
Common
03 - Heating Element
Electric waters heaters depend on heating elements to warm the water in the tank. If an element is covered in sediment, it will make a hissing, popping, or rumbling noise. You can try uninstalling the heating elements and cleaning them but if one or both of the elements are corroded, they should be replaced with new ones.
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Over time mineral deposits and sediment from corroding anode rods can buildup in the tank. When the tank is heated, air bubbles can form under the sediment and then release causing a popping or rumbling noise. The water heater should be flushed out once a year to help keep the sediment from building up. Refer to owner's manual for guidance. If flushing the tank doesn't stop the noise the water heater will likely need to be replaced.
Less Common
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