Before the Bell

Mortgage rates in the US increased for the first time this month. The average for a 30-year, fixed loan was 6.39 per cent, up from 6.35 per cent week, Freddie Mac said. But sales of previously owned US homes fell to a three-month low in April, restrained by limited inventory and ongoing affordability concerns. Contract closings decreased 3.4 per cent month to an annualised pace of 4.28 million, according to data released Thursday by the National Association of Realtors. The figure was in line with the median estimate in a Bloomberg survey of economists. ASX futures were down 19 points…