Mortgage rates at highest level since 2008

The 30-year fixed-rate mortgage now averages around 5.9% percent, up about .02% from the week before.

CNN— Mortgage rates have reached their highest level since 2008. Freddie Mac reports the 30-year fixed-rate mortgage now averages around 5.9% percent, up about .02% from the week before.

The rates have been rising since the Federal Reserve began efforts to reduce inflation.

The Fed does not set interest rates for mortgages directly, but it can influence them.

Experts say home buyers can expect mortgage rates to stay in the range of 5-6% over the next few months.

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