Mortgage rates hit highest average since April 2002

Mortgage rates in the United States have hit a record 20-year high.

CNN— Mortgage rates in the United States have hit a record 20-year high.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.92% during the week ending today which is up from 6.66% last week.

This marks the highest average rate since April 2002 and a year ago the rate stood at 3.05%.

Mortgage rates have doubled over the past year as the Federal Reserve raised interest rates.