Mortgage rates faced upward pressure Wednesday as stocks surged. This morning, major central banks around the world announced a joint program to lower the borrowing costs and boost liquidity for non-US banks. China lowered rates for the first time in three years in an effort to spur economic growth. Economic data in the US came in better than expected. The ADP forecast for private payrolls was for a net gain of 206,000 jobs. The Chicago Purchasing Managers Index rose to 62.6, well above the consensus forecast of 57.5. The Mortgage Bankers Association purchase activity index fell by 0.8%, while the refinancing activity index declined by 15.3%. Average reported 30-year fixed rates dipped to 4.21%, not including fees. No other key data will be released today.