For the first time since 2008, mortgage rates surpassed six percent this week, as the Fed continues its efforts to bring down inflation.

The rate is nearly double what it was nine months ago, according to data by Freddie Mac.

The spike in mortgage rates comes after the Bureau of Labor Statistics reported less than promising news regarding the consumer price index. The CPI for housing rose 0.7% in August and showed an increase of 6.2% annually — the largest increase since 1990.

“Mortgage rates at or above 6 percent is likely the new reality and prices will have to adjust,” said Lisa Sturtevant, chief economist with Bright MLS, told The Washington Post. “Relatively strong demand and still-low inventory will continue to support stable or growing prices in most markets, but gone are the days of seeing offers tens or even hundreds of thousands of dollars over asking price. In some places, particularly high-cost markets and places where prices have grown fastest over the past two years, we could see year-over-year price declines.”

Related: How Entrepreneur Millionaires Prepare for a Recession, According to a Former Wall Street Trader

As mortgage rates have steadily increased since June, the housing market has cooled from its astronomical highs. In July, home sales fell for the sixth consecutive month. With the new rate, the market is likely to continue declining.

“Mortgage rates have gone up four weeks in a row because of investors’ concerns about inflation,” said Holden Lewis, home and mortgage expert at NerdWallet, per The Washington Post. “Their worries are warranted, as we learned this week that inflation ran hotter than expected in August, as reflected in the consumer price index. That news boosted mortgage rates higher — a phenomenon that will be reflected in next week’s rates.”

Related: The Real-Estate Game Is Changing Fast. Are You Ready to Win?

Meet the Dermatologist Who Wants to Save You Money — and Just Hit a $200 Million Milestone for Patients

Your Employees Want This Perk, and Giving It to Them Can Improve Your Bottom Line

The Hidden Dangers of Not Taking Your Vacation Days

This Family-Owned Manhattan Jewelry Shop Struggled to Rebuild After 9/11. Today, 2 Sisters Who Run the 46-Year-Old Business Reveal What It Takes to Persevere.

Businesses Need More Women Investors. Here’s How That Can Happen.

Franchising Isn’t for Entrepreneurs, It’s for Systempreneurs

This Former Disney Exec Shares Her 5 Most Valuable Takeaways on Leadership Following Viral LinkedIn Post