U.S. 30-year, fixed-mortgage rate over 6% for first time since 2008

Mortgage refinancing is down 80% from last year.
Home shoppers looking at a new home

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.