Mortgage rates

Mortgage rates declined over the past week as worried investors increased their purchases of 10-year Treasuries, according to Freddie Mac.

While purchase mortgages account for a growing share of overall volume, industrywide investments in more automated and efficient underwriting processes have helped lower instances of fraud.

An index of contract signings to purchase previously owned homes unexpectedly declined for a second month in May, reflecting a persistent shortage of available homes.

Mortgage applications fell by nearly 5% last week as concerns over foreign trade and tariffs outweighed other positive economic news, according to the Mortgage Bankers Association.

Home sales dipped in Ohio and across the nation last month, as prices climbed, mortgage rates inched up and would-be buyers were stymied by a persistent shortage of available properties.

Purchases of new homes advanced in May to a six-month high as sales in the South increased to the fastest pace since 2007, according to government data.

Since the bottom of the housing market in 2012, home prices have increased 75% but wages have only increased 13%.

With affordability down to its lowest level in nearly 10 years, average wages aren't enough to afford a home in 75% of local housing markets, according to Attom Data Solutions.

Mortgage rates slid over the past week and have now declined in three of the past four weeks, according to Freddie Mac.

Sales of previously owned homes unexpectedly fell in May for a second month as a lack of inventory and elevated asking prices weighed on demand, National Association of Realtors data showed.