https://justthenews.com/politics-policy/finance/us-30-year-fixed-mortgage-rates-passes-6-first-time-2008?utm_source=justthenews.com&utm_medium=feed&utm_campaign=external-news-aggregators

Mortgage rates on Thursday climbed to a 14-year high, with the average 30-year-fixed rate rising above 6% for the first time since 2008.

Mortgage Bankers Association executive Joel Kan says the 6.01%, rate is “essentially double what it was a year ago.”

He also said mortgage refinancing is down 80% from last year.

Freddie Mac reports the average, 30-year fixed-rate was 6.02% in the week ending September 15, compared to 5.89% the week before, and 2.86% in August 2021.

MBA reports in the survey it released Wednesday that mortgage applications decreased last week by 1.2% from the previous week.

The report comes after the Consumer Price Index earlier this week showed that costs increased 8.3% from August 2021 to August 2022 amid record inflation.

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