Mortgage rates inched lower Wednesday as newly released economic data came in below expectations. This morning, the Chicago Purchasing Managers Index fell to 55.2, below the consensus forecast of 57.0. Readings above 50.0 indicate expansion in manufacturing in the Midwest region. The National Association of Realtors reported April Pending Home Sales declined 1.3% from March, the second consecutive monthly decrease. Sales were 3.3% lower year-over-year. Extreme inventory shortages were cited for the decline. The Fed’s Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released at 2:00 PM.