US home mortgage rates jump by the most since 1987

US mortgage rates have surged by the most in 35 years as inflation soars and interest rates rise, threatening to leave many first-time homebuyers on the sidelines.

The average interest rate on a 30-year fixed rate mortgage jumped by more than half a percentage point to 5.78 per cent, the highest level since November 2008, according to mortgage provider Freddie Mac.

The weekly increase was the sharpest since 1987. The rate was 3.2 per…