Mortgage rates rose for the sixth straight week after Treasury yields rose higher during the presidential election.

The average 30-year mortgage rate rose to 6.79% through Wednesday, up from 6.72% a week earlier, according to data from Freddie Mac. The average mortgage interest rate with a term of 15 years remained virtually unchanged: from 5.99% to 6%.

Mortgage rates typically reflect 10-year Treasury yields, which have risen rapidly in recent weeks as traders grew increasingly confident that former President Donald Trump would win Tuesday’s election and implement inflationary policies such as tariffs.

Read more: Mortgage Rates Still Rising: Is Now a Good Time to Buy a Home?

Bond yields rose another 16 basis points on Wednesday after Trump’s victory, before giving back some of their gains on Thursday to a yield of about 4.36%.

The Federal Reserve is expected to cut interest rates this afternoon, a move that is unlikely to impact mortgage rates in the coming weeks.

Yet many housing market experts now expect mortgage rates to remain higher for longer. Lisa Sturtevant, chief economist at Bright MLS, said she still expects interest rates to decline from current levels, but thinks they will be volatile and could remain above 6% throughout the year.

“Rates will likely remain a little higher than we expected,” Sturtevant said.

Higher interest rates also led to a decline in housing activity for the sixth week in a row. According to the Mortgage Bankers Association, home purchase applications fell 5% from a week earlier, while refinancings fell 19%.

“It is clear that purchasing demand in the current market environment is highly sensitive to mortgage rates,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “As soon as interest rates started rising in early October, purchase requests fell and in the past month they have fallen 10 percent.”

Read more: Mortgage and refinancing interest rates today, November 7, 2024: 30-year interest rate is more than 6.75%

Claire Boston is a senior reporter for Yahoo Finance covering housing, mortgages and home insurance.

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