M
ortgage rates remain relatively low, boosting buyer activity across the US housing market. Key takeaways include:

    The 30-year mortgage averaged 6.12% this week, up slightly from last week but significantly lower than a year ago when it was at 7.49%. Mortgage purchase applications rose 1%, while refinance applications have slowed.

    Inventory continues to build, providing buyers with more choices and potentially giving them leverage in negotiations. This trend is expected to continue through the rest of the year.

    Mortgage rates have stabilized in recent weeks, generating enough interest for some homebuyers to start looking again. The 30-year fixed-rate mortgage averaged 6.12% this week, according to Freddie Mac's latest survey, while the 15-year mortgage rate averaged 5.25%.

    Sam Khater, Freddie Mac's chief economist, attributes the recent rise in rates to escalating geopolitical tensions and a steady economy. However, he notes that overall market conditions are improving for buyers.

    Buyer activity is picking up, with open house attendance and new mortgage applications on the rise. Redfin's homebuying demand index has reached its highest level since April, while touring activity continues to increase during what would typically be a slower season.

    Inventory levels are also rising, with a 16.6% increase compared to last year, while new listings are up 4.3%. Mortgage purchase applications were up 1% from the previous week and are up 9% compared to a year ago, according to the Mortgage Bankers Association.