China News Service, June 17 (Reuters) - U.S. home mortgage giant Freddie Mac said on the 16th local time that the country's 30-year mortgage rate rose by 5.78% in a single week, the highest since 1987. 35-year high.

Data map: A street in San Francisco, USA.

  The report said that U.S. inflation has been stubbornly high, and the Federal Reserve announced a 75 basis point interest rate hike, prompting a surge in mortgage rates.

"The rise in (mortgage) rates is the result of a shift in inflation expectations and monetary policy," said Sam Carter, Freddie Mac's chief economist.

  Carter also said: "High home loan interest rates will lead to a slowdown in the housing market and ultimately lead to a more balanced housing market."

  Home mortgage rates have reportedly risen sharply since the same period in 2021, when the average rate on a 30-year fixed-rate mortgage was 2.93%.

  Additionally, U.S. home purchase applications are down more than 15% from 2021.

Demand for homes appears to be hurting as housing stock is low and unaffordable, coupled with rising interest rates.