Mortgage rates on Thursday climbed to a 14-year high, with the average 30-year-fixed rate rising above 6% for the first time since 2008.

Mortgage Bankers Association executive Joel Kan says the 6.01%, rate is “essentially double what it was a year ago.”

He also said mortgage refinancing is down 80% from last year.

Freddie Mac reports the average, 30-year fixed-rate was 6.02% in the week ending September 15, compared to 5.89% the week before, and 2.86% in August 2021.