Mortgage rates overall improved on Wednesday, and rates are starting to undo the losses experienced last Friday with the market reaction to the information from the Employment Situation Report. Rates are still reported with the numbers we’ve seen in the last two days, but for 30-year fixed rate conventional mortgages 3.375% could be coming back into play among more lenders soon if rates continue to move downward.

VA mortgage loans are still in the 4.0% comfort zone but if steady downward movement continues a revision of that rate could be to come. Thursday is a big day for mortgage rates because of the release of some important economic data (jobless claims and a Retail Sales report) that may or may not shore up the trends indicated by Friday’s Employment Situation Report.

If the news is bad for the economy rates might improve. If the news suggests that things are looking brighter, we could see rates pressured higher.

That’s a trend we frequently comment on here, but it’s good to know that markets sometimes do shrug off the data that would normally influence them higher or lower. World headlines or other developments could draw attention away from tomorrow’s economic data in favor of the “breaking news” or latest updates from other sectors.

If you’re uncommitted to a VA mortgage rate up to now, it would likely be best to wait for tomorrow’s activity following the release of the jobless data and retail sales info--unless you already feel comfortable committing to the rates you’ve been offered. Floating in the face of these types of reports or data releases is often risky so make the most informed decision you can before deciding on a course of action.

Here are the mortgage loan rates for Wednesday March 12 2014. The rates here are listed as best-execution rates, which assume ideal conditions including outstanding borrower qualifications (FICO scores, loan repayment history, etc) and the availability of a lender. Your experience may vary.

●    30-year fixed rate conventional mortgages: 4.5%
●    FHA mortgage loan rates: 4.00%
●    VA mortgage loan rates: 4.00%
●    15-year fixed rate mortgages: 3.375%
●    5-year adjustable rate mortgages: Between 3.0% and 3.50% depending on the lender

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