Mortgage rates ticked up this week but remained range-bound, with the 30-year fixed rate rising two basis points to 6.49%, Freddie Mac reported Thursday.

The mortgage giant’s weekly rate survey saw the 15-year rate climb three basis points to 5.84% during the period.

“Rates have remained relatively stable over the last six weeks,” Sam Khater, chief economist at Freddie Mac, observed in a press release. “Meanwhile, purchase activity eased modestly and refinance activity has continued to pick up recently, reflecting borrowers’ responsiveness to current rate levels.”

Refinance volumes rose 3% last week, the Mortgage Bankers Association (MBA) reported Wednesday. Purchase applications fell 1% on a seasonally adjusted basis.

“While mortgage application activity was mixed, overall demand continues to outpace last year’s levels, reflecting the underlying strength of the housing market,” MBA President and CEO Bob Broeksmit said in commentary shared with Scotsman Guide on Thursday. “As economic conditions continue to evolve, greater certainty around the interest rate outlook should help foster increased borrower confidence and support sustained housing market activity.”

He also addressed stagnant mortgage rates, which averaged 6.59% for conforming 30-year loans for the week ending June 19, according to MBA data. Broeksmit attributed that trend to markets continuing to assess the impacts of last week’s Federal Reserve policy decision.

The central bank held interest rates steady following the first Federal Open Market Committee meeting of Kevin Warsh’s tenure as Fed chair. That move was universally expected, but markets reacted to the hawkish tone of the Fed’s economic projections, with half of the committee anticipating rate hikes by year-end.

Warsh also vowed to tackle the Fed’s 2% inflation target during his post-meeting press conference, bluntly stating: “This committee will deliver price stability.”

Treasury yields and mortgage rates spiked following Warsh’s comments. But they have since retreated, largely due to easing oil prices, as thawing tensions in the Middle East have raised hopes that maritime traffic through the Strait of Hormuz may begin normalizing.