The 30 year fixed rate has increased to 4.14% up 0.13% form lase week according to Bankrate.com national survey of large lenders. Also increasing for the week was the 15 year fixed which jumped 0.04% to 3.32% and the 5/1 adjustable rate which averaged 5.93% its highest level since June 2012. These rates also had on average 0.32 points and approximately $2476 in closing costs. More here

The United State economy is expected to grow into 2014 with increasing household incomes and energy production rising. , “At the outset of the year, we forecasted that 2013 would witness sustainable but below-par growth as the economy begins its transition to more normal levels. Halfway through the year, our view is little changed. ” said Doug Duncan Fannie Mae Chief Economist. The economy is expected to grow 2.1% on 2013. More here

Refinance applications increased from last week but still 11% lower than two weeks ago and 36% lower than the beginning of May 2013 numbers. Experts believe that with rates increasing mortgage application will decrease slightly. The refinance share of mortgage activity grew 1% to an average of 69% of all mortgage activity. More here

The 30 year fixed rate jumped to 3.91% which was a 0.10% increase from last week and the average 15 year fixed rate increased to 3.03% according to Freddie Mac. Low mortgage rates have helped the housing market by increasing both home prices and home sales and they have boosted the economy. Low rates are credited with pushing home prices up 12.1% from April 2012 to April 2013. More here

The housing market according to new research does have an effect on both the economy and employment rates. With home sales increasing along with house-related spending GDP is expected to grow over the next six quarters. Employment in home building increased for April 2013 by 100,000 to 2.1 million according to the Labor Department.

Home prices are expected to increase 7.2% this year according to JP Morgan Chase’s new report. Many analysis are claiming that home prices have increased significantly with lower costs homes increasing faster than higher priced homes due to high investor demand of lower priced homes. “Despite the lack of data for investor demand, we saw all-cash sales remain higher than 30% of housing sales” according to JP Morgan analysts. More here

Solar powered systems sales have increased in new production homes. Solar homes sales, according to SunPower Corp., will continue to increase to 20% of all new homes will be solar powered by the end of 2013. Between 2011 and 2013 in the United States new homes sold with solar energy systems have nearly doubled. Many experts believe this increase has occurred because new home buyers are looking for a “green” solution to lower electrical costs. More here

Gallup says the U. S. job creation index has jumped to the highest score since April 2008 with a score of 22. Additionally American Worker reports the strongest average gain in 5 years. One thing to remember is spring is historically a time for higher job creation. If this strong job creation continues for the remainder of 2013 it would be a great indication that the job market has improved in the U. S. More here