We now have a solidly inverted yield curve.  Accordingly, mortgage rates are down essentially across the board.  This is consistent with the FNMA RNY (required net yield) which dropped about 59 basis points since October 31st.  It is beginning to appear that this inversion is resulting from the market's belief that the Fed's anti-inflation efforts are working.  The curve implies falling forward rates.  It will be interesting to see what the Fed does in December; expectations are for only a 25 basis point increase.