Mortgage rates jump to its highest since late 2008

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30-year fixed-rate mortgage averaged 6.02% with an average 0.8 point for the week ending Sep. 15, up from last week when it averaged 5.89% and from 2.86% a year ago, according to the Freddie Mac Primary Mortgage Survey.

15-year fixed-rate mortgage averaged 5.21% with an average 0.9 point, up from 5.16% last week and 2.19% a year ago.

5-year Treasury indexed hybrid adjustable-rate mortgage averaged 4.93% with an average 0.2 point, up from last week when it averaged 4.64% and more than 2.51% a year ago.

"Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008," Chief Economist Sam Khater said.

Rising interest rates — in part a result of the Federal Reserve’s aggressive push to tamp down inflation — have cooled off a housing market that has been hot for years, a report by Federal Home Loan Mortgage Corporation said.

Sales of existing homes in the U.S. have fallen for six straight months, according to the National Association of Realtors.

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