Mortgage rates rose for a fifth straight week as pre-election volatility continued to rock the bond market.

The average 30-year fixed-rate mortgage was 6.72% in the week through Wednesday, according to Freddie Mac data, up from 6.54% a week earlier.

15-year mortgage rates also increased to 5.99% from 5.71% a week ago.

"With several potential inflection points happening over the next week, including the jobs report, the 2024 election, and the Federal Reserve interest rate decision, we can expect mortgage rates to remain volatile," Sam Khater, Freddie Mac’s chief economist, said in a statement. "Although uncertainty will remain, it does appear mortgage rates are cresting, and we do not expect them to reach the highs that we saw earlier this year.”

Average mortgage rates have been marching steadily higher after reaching a two-year low of 6.08% in late September. Mortgage rates move in part based on expectations for future Fed rate changes, and a string of strong economic data has dampened traders’ expectations for bigger and more frequent benchmark interest rate cuts from the Federal Reserve.

Ten-year Treasury yields, which closely track mortgage rates, have also risen dramatically in recent weeks in response to the data and fears about the ultra-tight presidential race.

New economic data released this week will provide key clues on the direction of mortgage rates from here. The latest reading of the Fed’s preferred inflation gauge, released Thursday, showed prices climbed 2.1% in the last year, near the Fed’s 2% target.

Traders see near-certain odds that the Fed will trim benchmark interest rates by 0.25 percentage point at its meeting next week, but they’re less certain about more easing in December due to signs of stubborn inflation in some parts of the economy. By one measure that strips out volatile food and fuel costs, prices rose 2.7% annually in September.

Jobs data released on Friday will provide a last look at the health of the economy before the Fed meets.

For now, higher mortgage rates have dented refinancing demand, with applications to refinance down 5% week-over-week through Friday, according to the Mortgage Bankers Association. Purchase applications rose 5% compared to a week earlier, which was shortened by a federal holiday.

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