Mortgage rates jump by most in 35 years; Highest since 2008

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WASHINGTON (AP) — Average long-term U.S. mortgage rates made their biggest one-week jump in 35 years, one day after the Federal Reserve raised its key rate by three-quarters of a point in bid to tame high inflation.

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate climbed from 5.23% last week to 5.78% this week, the highest its been since November of 2008 during the housing crisis.

Those figures are likely to worsen for homebuyers with more Fed rate increases a near certainty.

The brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market.

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