Consumer inflation was up 4.2% in May from a year earlier, as increased energy prices trickled over into everyday products.

Wholesale inflation for May rose at the fastest pace in more than 3 years, also driven by fuel and energy costs.

Jobless claims were the highest since February. The increase can be attributed to volatility around school summer breaks and holidays.

NAR reports May's existing home sales jumped to the highest level since December. Inventory rose 3.3% for the month, up to 1.55 million units.

The median price of an existing home in May was $429,300, a 1.3% increase from the year before and a record high price for the month, per NAR.

Despite higher rates, mortgage applications were up for the week, with an increase of 15% for refis and 7% for purchases.