Daily Market Update 8/3/11

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.

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