Rate Update March 5, 2010

Mortgage rates are slightly worse this morning.

This morning’s all important jobs report was better than expected (click HERE to learn why this report is so impactful).  The markets were bracing for weak jobs numbers due to poor weather last month but the report indicated that only 36,000 jobs were lost in the month February.  The unemployment rate remains at 9.7%.  A better than expected jobs report is typically bad for mortgage rates.

In other news Greece’s parliament approved the budget plan that was announced yesterday which is designed to help Greece close its budget gap.  The approval puts Greece one step closer to improving their financial health which would likely push yields higher here in the US.

The results of the jobs report often has an impact on the trend in rates for the coming weeks.  Hopefully readers followed our advice yesterday and locked ahead of the jobs report.  If not, I still believe locking in is the best move.

Current outlook: locking bias