Back to work after a much needed vacation. Mortgage rates have drifted lower over the past few days following last Friday’s weak Employment Report for June. This morning, the Trade Deficit came in very close to expectations. The Mortgage Bankers Association weekly purchase activity index fell by 2.1%, while the refinancing activity index declined by 3.4%. Average reported conventional 30-year fixed rates fell to 3.79%, not including fees. Average FHA 30-year fixed rates dropped to 3.63%. Both conventional and FHA average weekly rates represent all-time lows. Results from today’s 10-year Treasury auction will be released at 1:00 PM. The Federal Reserve will release detailed minutes from last month’s FOMC meeting at 2:00 PM.