Mortgage rates surpass 6 percent for the first time since 2008

[JackSeal]

Mortgage rates surpassed 6 percent for the first time in 14 years as inflation proved resistant so far to the Federal Reserve’s efforts to tamp it down. The dramatically swift escalation has chilled what had been a hot U.S. housing market, increasing pressure on an economy plagued by unremitting inflation.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average shot to 6.02 percent with an average 0.8 point. (A point is a fee paid to a lender equal to 1 percent of the loan amount. It is in addition to the interest rate.) It was 5.89 percent a week ago and 2.86 percent a year ago. The last time the 30-year fixed average was this high was in November 2008.