Conforming and FHA mortgage rates in Mesa, Arizona have improved recently, but that could all change with the release of the Non-Farm Payrolls report.

Non-Farm Payrolls is the official name of the government’s monthly jobs report and, given the fragile state of the U.S. economy, Wall Street will be watching it closely.

Jobs are an important part of the nation’s recovery. Among other concerns, unemployed Americans don’t spend as much money on goods and services, and are more likely to default on a mortgage. This retards economic growth and increases the potential for foreclosures.

When jobs numbers worsen, therefore, it follows that economic projections worsen, too.

Poor employment figures draw money away from the stock markets and into less-risky bond markets, including mortgage-backed bonds.  Mortgage rates improve (get better, drop, go lower) as a result. Conversely, when jobs numbers improve, stock markets gain and bond markets worsen.

Analysts expect that job numbers will continue to fall.

The Bureau of Labor Statistics press release usually hits roughly an hour before mortgage pricing will be available to consumers. If you’re worried about rates rising on the heels of a strong jobs report, therefore, be sure to get your rate lock in today instead. If you wait, it may be too late.