Overview

• The average 30-year fixed mortgage rate rose to 6.89 percent in the week ending May 29, marking a third consecutive weekly increase, according to Freddie Mac.
• Applications for both refinancing and home purchases declined following the rate increases, Mortgage Bankers Association data show.
• Sales of existing homes fell to a 4 million annualized pace in April, the slowest for that month since 2009, the National Association of Realtors reported.
• Pending home contract signings dropped 6.3 percent in April, suggesting May and June closings could remain weak.
• With listings priced an average of 9 percent above sale values at roughly $469,729, prospective buyers hold leverage in a market swollen with inventory.