Mortgage rates hit 6%, first time since 2008 housing crash

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 6.02% from 5.89% last week. The long-term average rate has more than doubled since a year ago and is the highest it’s been since November of 2008, just after the housing market collapse triggered the Great Recession. Most economists forecast that the Federal Reserve will jack up its primary lending rate another three-quarters of a point when it meets next week.