Mortgage rates expected to rise on job report

Consumer confidence makes gains in March

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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.