Mortgage rates

The benchmark 10-year Treasury in particular tumbled 11 basis points between Wednesday's close and Thursday's open.

But the rapid drop could be enhancing the volatility that is keeping buyers out of the market, Freddie Mac said.

Rising mortgage rates also led to the highest level of listing price reductions as well as the largest annual drop in pending home sales, Redfin found.

A Fannie Mae survey says 36% get only one quote, while a separate Zillow study found 72% don't plan to look for options.

Contract closings decreased 5.9% to an annualized pace of 4.43 million last month, according to the National Association of Realtors

One week following the Consumer Price Index data release, the 30-year fixed rate loan is 47 basis points lower, while the 15-year is down 40 basis points, Freddie Mac said.

The drop was led by a large decline in cash-out refinancing volume, Black Knight said.

If rights holders have to sell these assets because of the Ginnie Mae capital rule, it will increase rates for lower income consumers.

But costs are still elevated annually in double-digit ranges for 46% of markets, according to the National Association of Realtors.

An inflation metric came in lower than expected, which caused the benchmark 10-year Treasury to drop well below the 4% mark.