Mortgage rates stalled an upward rise this week as financial markets adjusted to a second Trump presidency.

The average 30-year mortgage rate was essentially unchanged at 6.78% for the week through Wednesday, compared to 6.79% a week earlier, according to Freddie Mac data.

Average 15-year mortgage rates followed the same pattern, hitting 5.99% this week versus 6% a week earlier.

10-year Treasury yields, which are closely linked to mortgage rates, moved higher immediately following President-elect Donald Trump’s victory, in a sign that traders expect his taxation and spending policies could require interest rates to stay higher for longer.

“After a six-week climb, rates have leveled off, but overall affordability continues to be an issue for potential homebuyers,” said Sam Khater, Freddie Mac’s chief economist. “Our latest research shows that mortgage payments compared to rents on the same homes are elevated relative to most of the last three decades.”

The Federal Reserve’s 25-basis-point cut to benchmark interest rates last week had little effect on mortgage rates, because the move was widely anticipated. Mortgage rates aren’t directly affected by the Fed’s cuts, and respond more to expectations about the central bank’s future moves.

Traders are now considering what the Fed might do in December, with more than 76% currently expecting an additional 25 basis point cut next month, according to CME FedWatch.

Even as mortgage rates stay in the high 6% range, applications to purchase a new home rose 2% from a week earlier, snapping several weeks of declines, according to the Mortgage Bankers Association. Applications for FHA and VA loans, which can carry lower interest rates compared to conventional mortgages, helped fuel the uptick.

Refinancing applications were down again, reaching the lowest levels since May 2024.

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