Daily Market Update 5/2/12

Mortgage rates held steady Wednesday as mortgage-backed securities recovered from yesterday’s late sell off.  This morning, payroll firm ADP forecast an increase of just 119,000 private sector jobs in April, far short of expectations.  Factory Orders fell 1.5%, the largest monthly decline in three years, although a bit less than expected.  The Mortgage Bankers Association weekly purchase activity index rose 2.9%, while the refinancing activity index decreased 0.7%.  Average reported 30-year fixed rates rose to 4.05%, not including fees.  No other key data will be released today.

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