The 30-year mortgage rate is at its highest since November of 2008 during the housing crisis, mortgage buyer Freddie Mac reported Thursday. The rate climbed from 5.23% last week to 5.78% this week as the Federal Reserve raised its key rate by three-quarters of a point. On Wednesday, the Fed announced the unusually large key rate hike meant to tame decades-high inflation, which affects many consumer and business loans. Higher borrowing rates appear to be slowing the housing market, a crucial part of the economy. Besides staggering inflation, rising mortgage rates and soaring home prices, the supply of homes for sale continues to be scarce. To read more on how the rate hike could affect you, click the link in our bio.