The average 30-year mortgage rate ticked up to 6% from 5.98% last week, while the 15-year rate averaged 5.43%, slightly down from 5.44% last week.

Two bipartisan housing bills aim to cut red tape and encourage construction. If passed, they could add more homes over time and gradually ease the tight inventory.

Global tensions are adding uncertainty to the economic outlook, but one Federal Reserve official says interest rate cuts still make sense.