“This Is The Sharpest Turn In The Housing Market Since The 2008 Crash” As Mortgage Rates Soar Above 6%

And the hits just keep on coming for the US housing sector.

Three months after hitting the highest level in 14 years, on Thursday mortgage rates hit a fresh post-financial crisis high when they topped 6%, a jolt to home buyers who last year were paying less than half that.

The latest mortgage lender survey by Freddie Mac found that the average rate on a 30-year fixed mortgage climbed to 6.02% this week, up from 5.89% last week and 2.86% a year ago. The last time rates were this high was in the heart of the financial crisis in November 2008, when the U.S. was deep in recession.

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“When you’re talking about a $1.5 million home, that’s an extra thousand dollars a month towards a mortgage payment.”