Job growth in the private sector surged in April led by hiring in the service sector. ADP private payrolls rose by 275,000 last month, well above the 170,000 expected. The numbers showed that small businesses added 77,000 jobs, medium-size companies added 145,000 and big business 53 of the job gains. The March figures were revised higher to 151,000 from 129,000. The report comes ahead of the more closely watched government Jobs Report, which will be released Friday morning.
After three straight week of increases, mortgage rates declined slightly in latest week and remain near one-year lows. The Mortgage Bankers Association reports the 30-year fixed-rate mortgage fell four basis points to 4.42% with an average 0.43 point. The MBAs Market Composite Index, a measure of total mortgage loan application volume, fell 4.3% while the Refinance Index declined 5% and the Purchase Index fell 3.7%.
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