MBA Mortgage Applications
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Rates fell very sharply for a second week but failed to spark an increase in purchase applications which fell 6.0 percent in the September 27 week following a 7.0 percent jump in the prior week. Refinancing applications rose for a third week, up 3.0 percent. The average rate for conforming loan balances ($417,500 or less) fell 13 basis points to 4.49 percent for the lowest rate since June. Looking at September as a whole, purchase applications were flat which does not point to strength for the month's underlying home sales.
ADP Employment Report
ADP reports a weaker-than-expected rise in private payroll growth, to 166,000 in September vs the Econoday consensus for 180,000. ADP's count for August is downwardly revised to 159,000 vs an initial reading of 176,000. The initial reading for the comparable government number in August is 152,000.
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