Out of the gate Personal Income rose .05% in February ahead of the .03% predicted by economists.  This has the stock market up this morning and the bonds are down.  Even though the Personal Income reported higher than expected, Consumer Spending remaines weak.  

Personal Income and Consumption reports monthly and affects the mortgage markets directly.  An increase in Personal Income and Consumption will cause the Bond Market to decline...Mortgages rates will be up.  Got It? 

It is important to note that the consumption portion of this report represents over half of the GNP (Gross National Product)...which reports quarterly.

So today, with a slight increase in Personal Income and Consumption...you expect slightly higher mortgage rates today. 

Good Luck,