SHINE UP THAT RESUME MARTHA…you’re out of the slammer and the job market is looking friendly! And though Martha may not even be able to bake a mini muffin without being watched for awhile, all eyes were turned to the Jobs Report last Friday, marching in with 262,000 new jobs created during the month of February, and beating expectations of 225,000.

On the release, Mortgage Bonds popped higher and home loan rates moved lower…but why? Usually a jobs number that beats estimates is the kind of good economic news that would put Bonds under pressure and cause home loan rates to pop higher. But here’s the scoop. All last week, the trading pits had been buzzing with increasingly optimistic "whisper numbers" or unofficial estimates of the Jobs number…and Bonds were pressured lower throughout the week by all the rampant optimism, causing home loan rates to drift higher.

Then on Friday, the Jobs Report came in with solid numbers, but not the blockbuster some Traders feared. Additionally, the rate of unemployment actually worsened a tad, up to 5.4% from 5.2%. Bonds rallied on this and recovered what they had lost throughout the week. Home loan rates had worsened slightly during last week, but gained some ground back on Friday, leaving rates basically unchanged for the week overall. This is especially significant as Bonds and home loan rates have steadily been worsening since February 8th…and this trend has finally been broken.

ARE YOU IN LOVE WITH YOUR CAR? WELL, YOU MAY NOT BE THE ONLY ONE. CAR THIEVES HAVE FOUND A NEW WAY TO MAKE STEALING YOUR CAR EASIER THAN EVER. DON’T LET THIS WEEK’S MORTGAGE MARKET VIEW SLIP BY.

In light of the Bond market's positive response to Friday's Jobs number, home loan rates may edge a bit lower during the coming week. The economic calendar is also fairly tame, so unless any big news surprises hit the wires, expect a calm week for home loan rates.

But while rates have a chance of improving slightly this week, let’s not pop the champagne corks quite yet. Although not a blowout, the latest Jobs number was still pretty impressive and better than many analysts had forecast. So while Bond Traders had a party last Friday, the fact that job creations are very strong may cause rates to drift higher moving ahead.

The Bond also has quite a bit of overhead technical resistance to deal with, beginning with the 50-day Moving Average seen in the chart below. As the Bond moves higher, home loan rates move lower…but the Moving Averages will come into play as technical factors that can impact home loan rates, especially when there is a lack of economic news to drive the action. The Moving Averages can act as “floors” of support when they lie under current Bond pricing, and as “ceilings” of resistance when they are above current Bond pricing. Bonds managed to power back above the 200-day Moving Average on the news of the Jobs Report…but can they remain above it and muster enough momentum to break through the next ceiling at the 50-day? Stay tuned!

PARDON ME, BUT YOUR VIN IS SHOWING…

Seems that thieves have found yet another way to steal your vehicle without any effort at all.

Here’s a new one. The thieves peer through the windshield of your car or truck and write down the Vehicle Identification Number (VIN) from the label on the dash, then simply go to the local car dealership and request a duplicate key based on the VIN. You would think the car and truck dealerships would require verification first before making extra keys, but this is apparently not always the case.

In fact, one Licking County Ohio resident tested this by calling her car dealership and pretending she had lost her keys. Sure enough, the dealership asked her to just bring in the VIN, and they would cut a new key for her on the spot. She was shocked that no ID was required.

The car dealer's parts department will make a duplicate key from the VIN, and collect payment from the thief who will then return to your car. The thief doesn't have to break in, do any damage or draw attention to themselves…they simply need to walk up to your car, insert the key and off they go to a local “chop shop” with your vehicle.

Unfortunately, it is very easy for the thief to use this technique. But protecting yourself is easy too. Simply put some tape or a small card across the metal VIN label located on the dashboard near the windshield. By law, you cannot remove the VIN, but you can cover it so it can't be viewed through the windshield by a thief.

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

For the week of March 7 – March 11