The latest rise, to 6.79% for a 30-year mortgage, reflects bond market concern about President-elect Trump’s agenda. It extends an uptick in mortgage rates despite expected Federal Reserve rate cuts.

Rates on 30-year new purchase mortgages climbed again Tuesday, to a higher 6.88% average. Mortgage rates have surged since sinking to a 2-year low in mid-September, and the average is now at its most expensive level in three and a half months. Rate movement was mixed for other new purchase mortgage rates Tuesday.

The Federal Reserve cut interest rates on Thursday for the second time in three months, likely setting the stage for a drop in borrowing costs.

The housing crisis is a genuine concern for younger generations, and many hoped that months of cooling inflation would drive down interest rates and mortgage rates. Lower mortgage

Neel Kashkari, the president of the Minneapolis Federal Reserve, tells "Face the Nation with Margaret Brennan" that another interest rate cut after the December Fed meeting is "certainly possible" but "we want to have confidence that inflation is going to go all the way back down to our 2% target.