With nothing of consequence remaining on this week's economic calendar until Friday's November nonfarm payroll report the trend trajectory of mortgage interest rates will likely be most influenced by trading action in the stock market.  Higher stock prices will tend to drag mortgage interest rates higher, while lower stock prices will likely be supportive of steady to slightly lower mortgage interest rates.

Friday's employment report is expected to show the economy shed 320,000 jobs in November, accelerating the labor market decline from the 240,000 jobs lost in October.  In my judgment a dismal nonfarm payroll report is already priced into the mortgage market.  As desensitized as mortgage investors have become to miserable macro-economic data it will likely take a November job loss figure greater than 350,000 and/or a national jobless rate higher than 6.9% to support a rally in the mortgage market.  Numbers that match the consensus estimates for the November nonfarm payroll data will likely have little, if any significant impact on the near-term direction of mortgage interest rates.

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