Mortgage rates continued their back-and-forth pattern this week, finishing the last seven days slightly below where they were a week before. Amid a bevy of important economic data releases, U.S.-China trade tensions continue to dictate market movements.

Promising manufacturing data from China and the eurozone provided some optimism on Monday, pushing bond yields higher despite disappointing news from the U.S. manufacturing sector released that same day. But just a day later, comments suggesting a trade deal may not be struck until well into next year sent bond yields falling quickly and pushed mortgage rates to their lowest levels since early October. Ongoing uncertainty surrounding the trade deal is helping keep rates near long-term lows and limiting their potential for upward movement.

Looking ahead, trade-related developments will likely remain in the spotlight, but markets will also be paying close attention to Friday's all-important November jobs report.

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