Daily Market Update 5/6/09

Mortgage rates were little changed Wednesday after the ADP private payrolls firm estimated fewer job losses in April than expected. Stocks and oil prices rallied. Consensus is growing among investors that the recession is easing. The Mortgage Bankers Association reported a 5% increase in weekly purchase activity. Average rates for last week rose to 4.79% with 0.7 points. Freddie Mac estimated that first quarter refinances saved homeowners an aggregate $2.5 billion annually in monthly mortgage payments. No other key economic data will be released today.