Daily Market Update 10/5/11

Rates inched higher Wednesday following the release of stronger than expected economic data.  This morning, payroll firm ADP estimated a net gain of 91,000 private sector jobs in September ahead of Friday's Employment Report, beating forecast.  The Mortgage Bankers Association weekly purchase activity index fell by 1%, while the refinancing activity index decreased by 5%.  Average reported 30-year fixed rates declined to 4.18%, not including fees.  No other key data will be released today.