Mortgage rates rise above 6%

For the first time since 2006, rates on 30-year fixed-rate mortgages have passed the 6 percent mark, as the U.S. Federal Reserve keeps implementing a monetary policy to stem inflation. Purchase mortgages were down 29 percent in the week ending September 9 from a year earlier. Rising interest rates have played a large role in the shifting market. Brokerages and agents are having to adapt to a more balanced market, where competition for fewer transactions has gotten fierce.