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Mortgage Market Update 9/6/18

Rates were little changed Thursday ahead of tomorrow’s key employment data.  This morning, The Institute for Supply Management services index rose to 58.5, above the consensus forecast of 57.0.  Readings above 50.0 indicate expansion in the services sector of the economy.  Payrolls firm ADP estimated August private sector job growth of 163,000, a bit short of expectations.  Weekly Jobless Claims fell to 203,000, the lowest level in nearly 50 years.  July Factory Orders fell 0.8%, below estimates for a decline of 0.5%.  No other key data will be released today.  The closely-watched Employment Report for August will be released tomorrow at 8:30 AM.

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