Trading activity in the mortgage market this morning is once again skimpy as many market participants are away from their office for this holiday-shortened week. 

Much of the strength in the early trading in the mortgage market today is being produced by another solid round of "flight-to-quality" buying as tensions in the Middle East escalate.  The sparse batch of data scheduled for release during this last week of 2008 will not likely be much of a factor as far as the trend trajectory of mortgage interest rates is concerned.  All this week's battery of economy reports will likely do nothing more than bear out the well-established picture of an economy in recession.

Today's conforming 30 year fixed rate is at 5.125%.