Updated

Mortgage rates jumped sharply higher on Wednesday after falling for four straight weeks, following a hotter-than-expected inflation report, CNBC Top News reported. The move reversed a month of easing in borrowing costs for home buyers, and the available coverage did not give specific rate levels or the size of the inflation surprise. The consumer price index rose more than expected in October, raising alarm among Federal Reserve officials. Fed official Austan Goolsbee called the inflation report 'borderline disturbing' as the central bank weighs further interest rate hikes, according to CNBC. The reading suggests inflation pressures remain stronger than expected, which can push up the long-term yields that mortgage rates track.