Daily Market Update 1/8/14

Mortgage rates faced upward pressure Wednesday following the release of stronger than expected labor market data.  Payrolls firm ADP estimated private sector job growth of 238,000 in December, well above the consensus forecast of 205,000.  In other news, the Mortgage Bankers Association weekly purchase activity index fell 1%, while the refinancing activity index rose 5%.  Average reported conventional 30-year fixed rates held steady at 4.72%, not including fees.  Results from today’s 10-year Treasury auction will be released at 1:00 PM.  Detailed Minutes from last month’s Fed meeting will come out at 2:00 PM.

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