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US Mortgage Rates Surge to 5.78% in Biggest Jump Since 1987

Soaring borrowing costs are starting to cool the US housing market as buyers struggle to find properties they can afford.

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Mortgage rates in the US surged the most in more than three decades, ratcheting up pressure on would-be homebuyers and cooling the housing market. 

The average for a 30-year loan jumped to 5.78%, up from 5.23% last week, Freddie Mac said in a statement Thursday. That was the largest one-week increase since 1987.