With summer just 10 days away, mortgage rates remain entrenched in a tight holding pattern.

The 30-year fixed-rate mortgage averaged 6.52% over the past week, Freddie Mac reported Thursday. Last week it was 6.48%, with readings of 6.53% and 6.51% during the two weeks prior.

The 15-year rate also saw a slight uptick this week, rising five basis points to 5.84%.

Sam Khater, Freddie’s chief economist, drew a link between upbeat labor market and existing-home sales reports released over the past week.

“Stronger employment momentum has helped existing-home sales reach a five-month high,” Khater stated in a press release. “Importantly, we’re seeing homebuyers look past the short-term rate fluctuations and actively enter the market, signaling renewed confidence in homeownership opportunities.”

The Bureau of Labor Statistics reported on June 5 that U.S. employers added 172,000 jobs in May — a blockbuster figure that more than doubled consensus estimates from economists.

On Tuesday, the National Association of Realtors released data estimating existing homes sold at an annualized clip of 4.17 million units in May, the fastest pace since December.

On the borrowing side, mortgage demand bounced back during the week ending June 5, with the Mortgage Bankers Association (MBA) reporting a 10.8% increase in overall application volumes.

The association’s refinance index posted a 15% weekly gain, while seasonally adjusted purchase application volumes climbed 7%.

“The rise in purchase applications points to continued homebuyer demand despite affordability challenges and broader economic uncertainty,” MBA President and CEO Bob Broeksmit said in commentary shared with Scotsman Guide.