First time since 2008 when mortgage rates top 6%

This week, mortgage rates topped 6% for the first time in 14 years as inflation resisted the Fed's attempts to tame it. The rapid escalation has cooled a hot U.S. housing market,

raising inflationary pressure on the economy.
Freddie Mac's 30-year fixed-rate mortgage hit 6.02 percent this week, almost twice what it was nine months ago. This peak was in November 2008.

BLS statistics revealed consumer prices accelerated in August, especially for housing and food. Housing expenses rose 0.7% in August and 6.2% yearly, the most since 1990.

Mortgage rates have risen four weeks in a row due to inflation fears, says NerdWallet's Holden Lewis. The consumer price index showed this week that August 

inflation was higher than predicted. This announcement raised mortgage rates, which will affect next week's rates.

The unexpected rate hike this year has slowed house sales. Prices are falling yet still high. The S&P Case-Shiller house price index rose 18% yearly in June, down from 19.9% in May

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