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Market Commentary


 
Today's Coupons
 
  10-Year Notes   96-0.5 (-02.5)  
 
  FN 3.5% Coupon   102-08.5 (-03)  
 
  Support   2.574%  
 
  Resistance   2.433%  
 
 
 
 
Wednesday, January 4, 2017
 
 
Market opened today with treasuries selling-off across all maturities ahead of December FOMC minutes being released at 11:00 AM (PT). 10-Year treasury yield is at 2.472, increased 2.7 bps from prior closing of 2.445.

The only economic data released today was MBA mortgage applications which had a 0.10% increase last week after falling 12.10% in the week prior. Purchases were down 1.40% whereas refinances had an increase of 1.70%. Although refinance volume increased a little after a decline of whopping 23.20% in prior week, it was still hovering around the lowest volume since October 2008.

December FOMC meeting minutes will be released later today and it is expected to be unlikely that the minutes will be more hawkish than the statement and the press conference from December last year.

The curve has bear-steepened with UST 10-Year yield up 2.7 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/02 No Data - - - - - -  
                   
  01/03 Markit US Manufacturing PMI 06:45 Dec F 54.20 54.30 54.20 -  
                   
  01/03 Construction Spending MoM 07:00 Nov 0.50% 0.90% 0.50% 0.60%  
                   
  01/04 MBA Mortgage Applications 04:00 30 Dec - 0.10% -12.10% -  
                   
  01/04 FOMC Meeting Minutes 11:00 14 Dec - - - -  
                   
  01/05 Challenger Job Cuts YoY 04:30 Dec - - -13.00% -  
                   
  01/05 ADP Employment Change 05:15 Dec 175 K - 216 K -  
                   
  01/05 Initial Jobless Claims 05:30 31 Dec 260 K - 265 K -  
                   
  01/05 Continuing Claims 05:30 24 Dec 2051 K - 2102 K -  
                   
  01/05 Markit US Services PMI 06:45 Dec F 53.40 - 53.40 -  
                   
  01/05 Markit US Composite PMI 06:45 Dec F - - 53.70 -  
                   
  01/05 Bloomberg Consumer Comfort 06:45 1 Jan - - 46.00 -  
                   
  01/06 Trade Balance 05:30 Nov -$44.50 B - -$42.60 B -  
                   
  01/06 Change in Nonfarm Payrolls 05:30 Dec 180 K - 178 K -  
                   
  01/06 Unemployment Rate 05:30 Dec 4.70% - 4.60% -  
                   
  01/06 Average Hourly Earnings MoM 05:30 Dec 0.30% - -0.10% -  
                   
  01/06 Average Hourly Earnings YoY 05:30 Dec 2.80% - 2.50% -  
                   
  01/06 Factory Orders 07:00 Nov -2.20% - 2.70% -  
                   
  01/06 Factory Orders Ex Trans 07:00 Nov - - 0.80% -  
                   
  01/06 Durable Goods Orders 07:00 Nov F - - -4.60% -  
                   
  01/06 Durables Ex Transportation 07:00 Nov F - - 0.50% -  
                   
 
 
 
 
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  This information is provided solely for informational use and is not intended as trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not a licensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice  
 
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