Mortgage rates exceed 6% in 14-year high

The latest weekly average mortgage rate hit 6.02%, the highest rate since 2008.

Video Transcript

- All right. Thanks, Michelle. Let's get you up to speed now on housing. Expect further cooling ahead with mortgage rates jumping yet again. They're now north of 6% on the 30-year fixed. That's the highest level since the fall of 2008. The 6.2% up from 5.89% a week earlier-- that's according to Freddie Mac-- and more than double the 2.86% at this time last year.

Freddie Mac's chief economist saying, quote, "mortgage rates continue to rise alongside hotter than expected inflation numbers. The increase in rates translates on average to 600 additional dollars per month for you, the homeowners." Prices are beginning to come down. But inventory, guys, remains very tight. Buyers remain on the sidelines during a lot of whispers of fears about an upcoming housing crisis, fears that the Fed is tightening too fast.