Rates faced upward pressure Wednesday as stocks moved higher on stronger than expected economic data. This morning, payroll firm ADP estimated private sector job growth of 198,000 in February, beating forecast. Factory Orders fell by 2.0%, matching expectations. The Mortgage Bankers Association weekly purchase activity index jumped 15%, while the refinancing activity index increased 14.8%. Average reported 30-year fixed rates fell to 3.70% plus 0.39 points. The Fed’s Beige Book, a survey of economic activity by the 12 regional Federal Reserve Banks, will be released at 1:00 PM.