Last week rates were starting to drift higher until the Non-Farm Payroll Employment Report came in at 113,000 new jobs created. That was way off the expected 185,000 and really disappointed the markets. Unfortunately, rates love bad economic news and this was no exception. So rates bounced all the way back into unchanged territory and are staying firmly in the 4.5% range for best available rate. (80% loan to value, 740+ credit score and seller paid closing costs).

Not much happening to affect rates this week. The biggest event will be Janet Yellen's first testimony as the Fed Chair and what she says about the Fed's tapering plans after the weaker than expected labor results - and what they might do if that trend continues.

As far as other economic data, the Retail Sales report on Thursday is the biggest report of the week.

AND guess what! The Debt Ceiling debate could be upon us again. On February 27th we will hit the debt ceiling and any new legislation to raise it (or not) could impact rates.

Have a good week and a super special Valentines Day.