Mortgage rates

Housing demand unexpectedly weakened for a second month across most regions as lean inventory took a toll on affordability, putting a damper on the typically busier spring selling season.

A larger-than-forecast increase in home prices in 20 U.S. cities in March underscores both steady demand and lean inventory, according to S&P CoreLogic Case-Shiller.

Rising prices are holding back some potential sellers from listing their properties because they fear they won't find an affordable replacement, according to First American Financial Corp.

A drop in home sales in Porter County in April led to a year-over-year decline in Northwest Indiana, with total existing home sales of 898 in the seven-county area.

Mortgage rates hit their lowest mark of the year, as they were affected by the stock market sell-off on May 17, according to Freddie Mac.

Sales of homes in the Chicago area dropped in April as potential homebuyers looked at houses but then turned away after finding disappointing choices, the Illinois Realtors reported.

Refinance mortgage volume hit a 10-year low during the first quarter, while a tepid market for purchase lending put total origination activity at its lowest level since 2014.

A larger-than-projected decline in April sales of previously owned homes from a 10-year high indicates the residential real estate market remains constrained by a lack of inventory.

Application volume increased 4.4% from one week earlier as rates hit their lowest level in seven months, according to the Mortgage Bankers Association.

While mortgage rates dropped just three basis points this past week, Wednesday's stock market sell-off could drive them even lower going forward, according to Freddie Mac.