U.S. HOME SALES FALL AS MORTGAGE RATES RISE

U.S. sales of existing homes tumbled 2.5% in April — with the costs of buying a home jumping and would-be buyers facing a persistent shortage of properties on the market. The National Association of Realtors said homes sold last month at a seasonally adjusted annual pace of 5.46 million, down from 5.60 million in February. Mortgage buyer Freddie Mac said interest charges on a 30-year, fixedrate mortgage averaged 4.66% this week, the highest since May 2011.