U.S. factory activity fell in November to its lowest level since 1982, according to a report from the Institute of Supply Management.  The Institute said its manufacturing index dropped to a reading of 36.2 in November from 38.9 in October.  The financial crisis that began in the U.S. has now spiraled into a global economic downturn that has hurt sales here and aboard, forcing manufacturers around the world to reduce production. 

          This morning's bleak news from the manufacturing sector has ignited another round of safe-haven buying that has pushed the yield on the 10-year Treasury note to 2.83% -- its lowest level in 50 years.  Mortgage interest rates were more restrained - dribbling only a fraction lower so far in today's trading.

          Federal Reserve Chairman Ben Bernanke will be speaking on the economic outlook at 12:45 p.m.  This is probably a non-event as far as the mortgage market is concerned.   

Today's conforming 30 year fixed mortgage is at 5.50%.