Daily Market Update 7/2/14

Mortgage rates faced upward pressure Wednesday following the release of stronger than expected payrolls data and ahead of tomorrow’s key Employment Report.  This morning, payrolls firm ADP estimated June private sector job growth of 281,000, well above the consensus forecast of 210,000.  Separately, Factory Orders fell by 0.5% last month, in line with expectations.  The Mortgage Bankers Association weekly purchase activity index fell by 1 percent, while the refinancing activity index was unchanged.  Average reported conventional 30-year fixed rates declined to 4.28%, not including fees.  The closely watched Employment Report for June will be released tomorrow at 8:30 AM.  No other key data will be released today.

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