Daily Market Update 10/6/10

Rates inched lower Wednesday following a disappointing estimate for Friday's employment data. Payrolls firm ADP anticipated a net loss of 39,000 private sector jobs in September, well below the consensus forecast. The Mortgage Bankers Association weekly purchase activity index rose by 9%, boosted by a rush of home buyers attempting to obtain new loans prior to an increase in FHA mortgage insurance premiums that went into effect on Monday. The refinancing index fell by 3%. No other data will be released today.