The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $766,550 or less increased to 6.86% from 6.81%, with points decreasing to 0.60 from 0.68, including the origination fee, for loans with a 20% down payment.

"Mortgage rates continued to increase last week, driven by higher Treasury yields as financial markets digested the likely impacts of a Trump presidency," said Joel Kan, the Mortgage Bankers Association's deputy chief economist. "The Federal Reserve's 25-basis-point rate cut was already anticipated and did little to move the markets."