Key takeaways: 

• The rate for a 30-year mortgage rose from 5.23% to 5.78% this week, the highest since November of 2008 during the housing problem.
• The highest its been since November of 2008 during the housing situation.

Average long-term US mortgage rates had their most significant one-week leap in 35 years, with the Federal Reserve expanding its crucial rate by three-quarters of a point to tame high inflation.

On Thursday, mortgage customer Freddie Mac reported that the 30-year rate rose from 5.23% the previous week to 5.78% this week, the highest since November 2008 during the housing problem.

Wednesday's rate hike by the Fed was the most significant in a single action since 1994.

The quick jump in rates and sharp growth in home costs have pushed possible homebuyers out of the market. Mortgage applications are down almost 15% from last year, and refinancings are down more than 70%, according to the Mortgage Bankers Association.

Those figures will probably decline with more Fed rate increases a near lock. 

The Fed's colossal rate hike came after data released last week showed US inflation grew the previous month to a four-decade high of 8.6%.