Mortgage rates were moving higher yesterday morning after the 8:30 EST release of February's jobs report.

The 97,000 new jobs created was in-line with the 95,000 expectation, but January's numbers were revised higher by 35,000 to 146,000.

In addition, the report showed a slight drop in unemployment and an increase in average hourly earnings.

If we put it all together, it looks like this:

1. More jobs created
2. Fewer people leaving the workforce
3. More income for everyone involved

Separately, these items often lead to higher levels of consumer spending. Together, they may be a lock.

More spending creates more growth and that is why mortgage rates were moving higher yesterday.