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. 

Mortgage investors were not particularly surprised when the Conference Board (a global, independent membership organization) announced this morning that the worst job market in 16 years drove the December consumer confidence index to a record low of 38.0.  The November mark was 44.7.   The muted market response to the news is due in large part to the fact that investors almost always put far more emphasis on what the consumer is actually doing - rather than how they say they are feeling.  

Today's conforming 30 year fixed rate is at 5.375%.