Mortgage rates rise for the fifth consecutive week, reaching 6.29%

Mortgage rates rose for the fifth consecutive week, once again reaching the highest level since the financial crisis.

The average rate for a 30-year fixed mortgage rose to 6.29%, according to a survey of lenders released Thursday by Freddie Mac. It was the second week in a row that rates exceeded 6%. The last time rates were this high was in October 2008, when the United States was in the midst of a recession.