Home buyers face challenges as mortgage rates rise and inventory remains low.

Demand for mortgage applications, refinancing, and purchases all fell in the past week due to higher interest rates. The 30-year fixed rate increased to 6.69%, the highest level since March. Refinance activity remains limited, with the refinance index falling to its lowest level in two months. The purchase index decreased 4% from a week earlier. The housing market remains in a slump due to limited inventory and high rates.