Mortgage rates expected to rise on job report

Consumer confidence makes gains in March

Rates are rising today, for the first time this month, in reaction to actual news and fear of next week’s news. Mortgages have the potential quickly to depart March’s sub-5.5 percent range in favor of the 6 percent-ish level of the prior four months.

The damage has been done by reports of a surprise, though modest, improvement in confidence among consumers, and that the Fed may be succeeding in its effort to increase the inflation rate (to “reflate”) from too-low, sub-1 percent territory.