Mortgage Market Update 10/3/18

Rates inched higher Wednesday following the release of stronger than expected economic data.  This morning, payrolls firm ADP estimated September private sector job gains of 230,000, well above the consensus forecast of 180,000.  Separately, the Institute for Supply Management services index came in at 61.6, beating expectations, to a new record high.  Readings above 50.0 indicate expansion in the services sector of the economy.  Stocks moved higher.  No other key data will be released today.

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