Mortgage Rates started the week in a positive manner improving as MBS posted a 31pb gain.  See Monday March 2, 2009 Mortgage Rates.  The DOW on the other hand started the month like a lamb, to date the DOW is down 22.9% .

Wednesday, the White House is expected to release the details of the Homeowner Affordability and Stability Plan. Again, markets are watching for the broader impact of the news.  If analysts and traders deem the plan effective, watch for stock markets to improve and bond markets to weaken.  This would cause mortgage rates to rise.

Then, Friday, we’ll get to see February’s official jobs number. Job loss is expected to exceed 600,000 for the month and unemployment may reach 8 percent.  On many levels, if the jobs data meets the expectations, it would be okay with respect to mortgage rates.

As always, it’s recommended that you float your mortgage rate cautiously.  Wall Street is nervous for its turf and hyper-sensitive to Beltway influence.  Markets can change in an instant and when they do, they usually change for the worse.

[where: Seattle, WA] [where: Phoenix, AZ]

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