Mortgage rates have risen above 6% for the first time since 2008.

Mortgage rates have risen above 6% for the first time since 2008.

. This is the highest point since late 2008 and more than double their level a year ago. The average rate on a 30-year fixed-rate mortgage was 6.02 percent as of Thursday, Freddie Mac reported, up from 5.89 percent the week before.

The average rate for an identical loan was 2.86 percent the same week in 2021. "Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week," Sam Khater, Freddie Mac's chief economist, said in a statement.

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The rate increase would help cool off the red-hot housing market.

However, the number of homes for sale is still inadequate to meet demand.

According to Sam Khater, Freddie Mac’s chief economist, “This indicates that while home price declines will likely continue, they should not be large.”

The rate increase would help cool off the red-hot housing market; however, the number of homes for sale is still inadequate to meet demand. According to Sam Khater, Freddie Mac’s chief economist, “This indicates that while home price declines will likely continue, they should not be large.”

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mortgage rates

The average rate for an identical loan was 2.86 percent the same week in 2021.

“Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week,” Sam Khater said in a statement.

He added that the rate increase would help cool off the red-hot housing market, but that the number of homes for sale was still inadequate to meet demand.

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