The average 30-year mortgage rate has climbed to 6.02% — the first time the figure has surpassed 6% since 2008, according to new data from mortgage giant Freddie Mac.

The new rate level — double what it was this time last year — is an effect of the Federal Reserve's aggressive campaign to raise interest rates as it works to fight inflation.

The impact of higher rates will be to reduce housing demand and put downward pressure on home prices, Freddie Mac Chief Economist Sam Khater said in a statement.

Yet thanks to a nationwide housing shortage, property values will not fall very much, Khater said.

The median price for existing homes rose 10.8% in July from a year earlier to $403,800, the National Association of Realtors said last month.

“Home prices are still rising by double-digit percentages year-over-year, but annual price appreciation should moderate to the typical rate of 5% by the end of this year and into 2023,” NAR Chief Economist Lawrence Yun said. “With mortgage rates expected to stabilize near 6% alongside steady job creation, home sales should start to rise by early next year.”

The higher rates have caused refinance activity to fall more than 80% from last year, according to the Mortgage Bankers Association. More homebuyers are now staying on the sidelines, it said in a statement Wednesday. 

The housing group Redfin reported last week that new home listings fell 18% year over year.

“The housing market always cools down this time of year, but this year, I expect fall and winter to be especially frigid as sales dry up more than usual,” said Redfin Chief Economist Daryl Fairweather in a statement.