Markets often bounce on the day after midterm elections, but early trading suggested a more muted response to close-run results for control of Congress.
Lenders use several bits of data to set mortgage rates, including trading moves by investors. Without market volatility, the rate could be under 7 percent.
A so-called inverted yield curve between three-month and 10-year interest rates is considered by Wall Street as a reliable sign of an impending economic slump.
The 10-year U.S. Treasury yield, which underpins everything from mortgages to credit cards, was on course to rise for a twelfth consecutive week, matching the…