Mortgage Rates Hit 5.78%, Highest Level Since 2008

U.S. mortgage rates reached their highest level in more than 13 years, the latest sign of market tumult tied to the Federal Reserve’s campaign to cool inflation.

The average rate on a 30-year fixed-rate mortgage rose to 5.78%, mortgage-finance giant Freddie Mac said Thursday, the highest level since November 2008 and well above the 3.11% recorded near the end of last year. Last week, Freddie Mac reported an average mortgage rate of 5.23%.