Even with the Fed holding steady on rates, many observers believe the skittishness of the financial markets has more to do with the presidential election than any action the central bank takes. It is likely that mortgage rates upward trajectory will stall until after Tuesday’s outcome.

Bankrate.com, which puts out a weekly mortgage rate trend index , found that nearly two-thirds of the experts it surveyed believe rates will remain unchanged in the coming week, rising no more than plus or minus two basis points. (A basis point is 0.01 percentage point.)

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average jumped to 3.54 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.47 percent a week ago and 3.87 percent a year ago. This is just the third time since June the 30-year fixed rate has been at or above 3.5 percent.

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The 15-year fixed-rate average climbed to 2.84 percent with an average 0.5 point. It was 2.78 percent a week ago and 3.09 percent a year ago.

The five-year adjustable rate average rose to 2.87 percent with an average 0.4 point. It was 2.84 percent a week ago and 2.96 percent a year ago.

“A jump last week in the PCE — the price index tracked most closely by the Fed — raised the prospect that inflation might not be completely dead after all,” Sean Becketti, Freddie Mac chief economist, said in a statement. “Investors reacted by driving the yield on the 10-year Treasury to its highest point since June. The 30-year mortgage rate jumped seven basis points to 3.54 percent, the largest one-week increase in over six months.”

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Meanwhile, as rates increased, mortgage applications declined this week, according to the latest data from the Mortgage Bankers Association.

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The market composite index — a measure of total loan application volume — fell 1.2 percent from the previous week. The refinance index dropped 2 percent, while the purchase index decreased 0.4 percent. The refinance share of mortgage activity accounted for 62.7 percent of all applications.