Today weekly claims increased to the highest level in six weeks adding more confusion as to the actual condition of the employment sector.  This increase caught many by surprise and heightened concerns as to the actual state of the economy.

April housing starts declined by more than 10% greater than projections.

Yesterday, the 10 yr. note spiked to 1.97% and experts predict that it will be extremely difficult for the note to match this years low of 1.56%.

The stock market so far has fared well in reaction to the weaker data, which keeps the Fed on the fence about an early exit from its stimulus package.

This morning saw slight improvement in the bond market and better MBS pricing, which has resulted in two favorable adjustments to rates (depending on your available lenders).

The following link is a great article and good news to anyone in the industry or looking to purchase or refinance their home:  http://money.cnn.com/2013/05/15/real_estate/home-appraisals/index.html?source=linkedin

ADVICE:  Remain in constant contact with your mortgage professional.  There is an opportunity to capitalize on improvements, but any delay could result in a loss in rebate or even an increased rate.

- Michael Corboy