Daily Market Update 8/4/10

Rates held steady Wednesday as today’s economic data came in close to expectations. This morning, the ADP estimate for Friday’s Employment Report was for a net gain of 42,000 private sector jobs. The Institute for Supply Management services index rose to 54.3 from 53.8 last month. Readings above 50.0 indicate expansion in the services sector of the economy. The Mortgage Bankers Association weekly purchase activity index rose 2% as average reported 30-year fixed rates fell 9 basis points to 4.60 last week. Stocks moved modestly higher. No other data will be released today.

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