Daily Market Update 5/4/11

Rates were mostly unchanged Wednesday in another day of quiet trading.  This morning, payroll firm ADP forecast an increase of 179,000 private sector jobs in April, below expectations.  The Institute for Supply Management services index fell to 52.8 in April from 57.3 in March.  Readings above 50.0 indicate expansion in the services sector of the economy.  The Mortgage Bankers Association weekly purchase activity index rose by 0.3%, while the refinancing activity index increased by 6%.  Average reported 30-year fixed rates last week fell to 4.76% not including fees.  No other key data will be released today.