In a sign that the U.S. housing market may weaken further, an index of sales contracts to buy previously owned U.S. homes declined 4.7% in May from the prior month, the National Association of Realtors reported Tuesday. The index, which is considered a leading indicator of existing home sales, was down 14% from the May [...]

Thirty-year fixed-rate mortgages averaged 6.35 percent this week, down 0.1 percent from last week, which had been the highest level since last September, Freddie Mac, the mortgage company, reported Thursday. Rates had been rising for five straight weeks.
Rates on 15-year fixed-rate mortgages dropped 0.12 percent to 5.92 percent; the five-year adjustable-rate mortgage fell 0.21 percent [...]