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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-17 (+14) 2.190%  
 
  FN 3.5% Coupon   103-16.5 (+6.5)  
 
  Support   2.370%  
 
  Resistance   2.130%  
 
 
 
 
Today's Blurb Wednesday, January 06, 2016
 
 
MBA Mortgage Applications continued to decline last week, down 11.60% following a 17.40% drop the week prior. Purchases fell -11.10% vs. -4.30% prior (+22.30% YoY), Refinancing fell 12.40% vs. -27.80% prior (-17.40% YoY), and the average interest rate for a Conventional Conforming loan rose 1 bp from 4.190% to 4.20%. ADP posted higher than forecast at 257K (consensus 198K) with a downward revision in November from 217K to 211K. The higher than expected ADP report points to a strong Nonfarm Payrolls on Friday. The Trade Deficit shrank in November, narrowing 5.00% to $42.40 B from a revised (wider) $44.60 B in October. The shrinking deficit reflects pressures from the strong dollar, resulting in less competitive U.S. exports while making imports cheaper, and global economic softening. Markit US Services PMI rose from 53.70 to 54.30 and Markit US Composite PMI rose from 53.50 to 54.00 in December. Factory Orders slipped 0.20% in November following a downward revision in October from 1.50% to 1.30%. Durable Goods Orders posted flat in November, unchanged from the prior November estimate. Treasuries are higher this morning, continuing a five day upward trend, and the curve has flattened with 2s10s down 2.5 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/04 Markit US Manufacturing PMI 06:45 Dec F 51.10 51.20 51.30 -  
                   
  01/04 ISM Manufacturing 07:00 Dec 49.00 48.20 48.60 -  
                   
  01/05 ISM New York 06:45 Dec - 62.00 60.70 -  
                   
  01/06 MBA Mortgage Applications 04:00 1 Jan - -11.60% -17.40% -  
                   
  01/06 ADP Employment Change 05:15 Dec 198K 257K 217K 211K  
                   
  01/06 Trade Balance 05:30 Nov -$44.00 B -$42.37 B -$43.89 B -$44.58 B  
                   
  01/06 Markit US Services PMI 06:45 Dec F 54.00 54.30 53.70 -  
                   
  01/06 Markit US Composite PMI 06:45 Dec F - 54.00 53.50 -  
                   
  01/06 Factory Orders 07:00 Nov -0.20% -0.20% 1.50% 1.30%  
                   
  01/06 Durable Goods Orders 07:00 Nov F - 0.00% 0.00% -  
                   
  01/06 U.S. Fed Releases Minutes from FOMC Meeting 11:00 15-16 Dec - - - -  
                   
  01/07 Challenger Job Cuts YoY 04:30 Dec - - -13.90% -  
                   
  01/07 Initial Jobless Claims 05:30 2 Jan 275K - 287K -  
                   
  01/07 Continuing Claims 05:30 26 Dec 2200K - 2198K -  
                   
  01/08 Unemployment Rate 05:30 Dec 5.00% - 5.00% -  
                   
  01/08 Change in Nonfarm Payrolls 05:30 Dec 200K  - 211K  -  
                   
  01/08 Change in Private Payrolls 05:30 Dec 192K  - 197K -  
                   
  01/08 Average Hourly Earnings MoM 05:30 Dec 0.20%  - 0.20%  -  
                   
  01/08 Average Hourly Earnings YoY 05:30 Dec 2.80%  - 2.30%  -  
                   
  01/08 Wholesale Trade Sales MoM 07:00 Nov 0.00%  - 0.00% -  
                   
  01/08 Wholesale Inventories MoM 07:00 Nov -0.10%  - -0.10%  -  
                   
 
 
 
 
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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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