Freddie Mac's data shows that mortgage rates are at their highest level since the peak of the Great Recession.
There is a sign for a house in Florida.
The 30-year fixed mortgage rate increased from 5.89% to 6.05%.
It was the highest rate since October 30, 2008 when the index had its worst week ever.
The rates were double what they were a year ago.
The rise in mortgage rates comes at a time when the Federal Reserve is hiking rates. Tuesday's worse than expected inflation report sent markets tumbling and led some investors to predict a 100 basis-point rate hike could be in the cards.
Freddie Mac's chief economist attributed the rise in rates to the "hotter-than- expected inflation numbers this week." The decline in home prices should not be large because there is not enough inventory, according to Khater.
The mortgage rates have hit the highest level since 2008.
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