Daily Market Update 10/3/12

Mortgage rates held steady Wednesday despite stronger than expected economic data.  This morning, payroll firm ADP estimated an increase of 162,000 private sector jobs last month, above the consensus forecast of 140,000.  The Institute for Supply Management services index came in at 55.1, beating expectations.  Readings above 50.0 indicate expansion in the services sector of the economy.  The Mortgage Bankers Association weekly purchase activity index rose 3.9%, while the refinancing activity index jumped 19.6%.  Average reported 30-year fixed rates fell to 3.53%, not including fees.  Investors are now looking ahead to Friday’s Employment Report.

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