Mortgage rates inched lower Monday, reflecting gains in mortgage-backed securities late last week. This morning, some upward pressure on rates resulted from a rally in the stock market. The Institute for Supply Management manufacturing index reading came in at 57.0, in line with expectations. Readings above 50.0 indicate expansion in the manufacturing sector of the economy. Construction Spending rose 0.4% last month, beating forecast. No other data will be released today. Happy New Year!