Facts: The average 30-year fixed mortgage rate from Freddie Mac remained flat at 6.65%, compared to 6.63% last week. At this rate, with a 20% down payment, the monthly mortgage payment amounts to $2,054 for a home priced at $400,000. With a 10% down payment, the typical payment would be $2,311.

Positive: Mortgage applications continue to rise as buyers capitalize on lower rates and increased inventory. The days on market have lengthened, allowing buyers to view homes and submit competitive offers. Inflation has also decreased this week, possibly making it a bit easier to save for a home.

Negative: It’s important to note that inventory is still historically low, so while more homes are available, there is still a considerable way to go. The typical seller received an average of 2.6 offers last month, so buyers must stay zealous.