Rates continued their downward trend Wednesday as weakness in stock markets boosted bonds and mortgage-backed securities. In economic news, payroll firm ADP forecast private sector job growth of 117,000 in July ahead of this Friday’s Employment Report. Factory Orders declined 0.8%, close to expectations. The Institute for Supply Management services index fell to 52.7, a bit below forecast. Readings above 50.0 indicate expansion in the services sector of the economy. The Mortgage Bankers Association weekly purchase activity index rose by 5.1%, while the refinancing activity index increased by 7.8%. Average reported 30-year fixed rates fell to 4.45%, not including fees. No other key data will be released today.