At the time I am writing this mortgage interest rates are less than 1/8th of a percent higher than they were last Friday.

This week was a short week with Thanksgiving on Thursday and lack Friday today. Yesterday the markets were closed and today was a half day. Many traders left early on Wednesday and are not returning till Monday so we saw light volume of trades for half the week.

Europe is still struggling with their debt problems. European leaders are trying to come to an agreement of what to do about Greece, as they are once again on the brink of defaulting on their debt. As long as there is a threat of Greece and other struggling Euro countries defaulting on their debt it will be considered good news for US interest rates.

In the US we are still dealing with the approaching Fiscal Cliff and politicians on both sides are trying to come to an agreement. My guess is that they will come to a short term compromise, which will just delay the problem a few months until the new congress starts.

Today being black Friday starts off the holiday shopping season. Investors will be watching the spending numbers closely to judge how our economy is doing. If holiday spending is high, it will be bad news for interest rates and vice versa.