NEW YORK: The interest rate on the most common US home loan jumped last week to its highest in almost three years, worsening affordability for buyers four weeks before elections that will decide if President Donald Trump's Republicans keep control of Congress.

The average 30-year fixed-rate mortgage surged 19 basis points to 7.49 per cent in the week ended October 2, the Mortgage Bankers Association said on Wednesday. It was last higher in November 2023.

Mortgage rates are closely tied to the yield on US 10-year Treasury notes, which earlier this week hit a 24-year high, driven by concerns over inflationary pressures from soaring oil prices and data showing stronger US economic growth.

The cost of living is the top issue on Americans' minds as they decide how they will vote on November 3, a Reuters/Ipsos poll completed on Monday showed, and is one reason why Trump's approval rating is at a record low of 32 per cent.