With the government shutdown, some key economic data has been delayed. The most important, the Labor Department's monthly Employment Report, was not released last Friday. The consensus is for the unemployment rate to be unchanged at 7.3% for September.

The other key report for this week is the September Retail Sales due out on Friday. If retail sales appear weak again, mortgage rates may trend lower. The other important release is the FOMC minutes on Wednesday.

With all eyes on Washington this week, the hope is that a budget agreement can be reached before the Columbus Day holiday next week.