Daily Market Update 9/4/13

Mortgage rates held steady Wednesday as stocks moved higher.  This morning, the July Trade Deficit rose to $39.2 billion, above forecast.  The Beige Book, a survey of economic activity by the Fed's 12 regional banks, will be released at 2:00 PM.  The Mortgage Bankers Association weekly purchase activity index decreased by 0.4%, while the refinancing activity index increased by 2.0%.  Average reported conventional 30-year fixed rates fell to 4.73%, not including fees.  Investors are continuing to follow U.S. plans for Syria, and are beginning to focus on Friday's Employment Report for August.