Mortgage rates could move higher beginning tomorrow morning. The Bureau of Labor Statistics releases its February jobs report at 8:30 AM ET.

This morning, at 8:30 AM ET, the Bureau of Labor Statistics released its Non-Farm Payrolls report for January 2011. Mortgage rates are rising in response.

For this month — and for the rest of 2011– employment data will figure big in mortgage markets and for home affordability. Today’s release is the first big splash.

Mortgage rates are rising, up nearly 1 percent since mid-October. Tomorrow, rates could rise again.

Mortgage rates have been falling since April, shedding more than 1 percentage point since the Refi Boom began. Today, that momentum could lose some steam.

According to the government, 95,000 jobs were lost in September. Economists expected a net loss of 5,000. Mortgage rates should improve on the data today.

On the first Friday of each month, the Bureau of Labor Statistics releases Non-Farm Payrolls data for the month prior. 54,000 jobs were lost in August.

Analysts expect that a net 65,000 jobs were lost in July. Wall Street — and Main Street — have a big interest in those results.

Friday’s July Jobs Report Could Spur Mortgage Rates Higher

At first glance, the June jobs report looks weak but a deeper look shows something different.

According to the government, 431,000 jobs were created in May, but of those new jobs, 95.4 percent represented temporary staffing for the 2010 Census. Home affordability is improving on the report.