Rising interest rates are sending mortgage-loan rates skyrocketing. It's now nearly twice as expensive to borrow money to purchase a home as it was at the start of the year.

Mortgage rates have surpassed the 6% mark for the first time since 2008 — double the 3% rates from this January and much of last year — which is enough to significantly cool off the red housing market the country has seen for the past few years.

Lawrence Yun, chief economist for the National Realtors Association, says this means total monthly mortgage payments are now 50% more than what they were for the same home bought a year ago – pricing many would-be buyers out of the market.

Less competition means the days of regularly seeing offers of $10,000, $20,000 or even $50,000 over asking price are long gone.... Read More: FOX45