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Market Commentary

Market Commentary

January 20, 2015
10-YEAR NOTES   104-00 (+10)
FN 3.5% COUPON   105-04 (+03)
SUPPORT   2.40%
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   There is nothing on the calendar for today. This week we get data on Housing, Permits, House Price Index and Home Sales.
    On Friday of last week Moody's lowered Russia's credit rating to Baa3, the lowest investment grade, and many believe it will slip even further into junk bond territory. Russia's economy has been struggling under the weight of the sanctions imposed upon them and a weakening currency, and in response we continue to watch for increased demand for safe haven assets as investors flee Russia's markets. Eurozone CPI slipped into negative territory for December, adding to the recent string of weak data coming out of the area. The combination of negative CPI inflation in the Eurozone and anemic economic growth makes it likely that the European Central Bank will launch a program to purchase sovereign bonds in order to spur inflation and economic growth. Another big focus for the market will be the MBA purchase application data released on Wednesday. After last release's holiday adjusted jump in refinances and purchases, we look for full week's data to validate the prior's holiday adjusted numbers.
This Week's Events:
01/20 No Data - - - - - -
01/21 MBA Mortgage Applications 04:00 January 16 - - 49.1% -
01/21 Housing Starts 05:30 December 1040K - 1028K -
01/21 Housing Starts MoM 05:30 December 1.2% - -1.6% -
01/21 Building Permits 05:30 December 1060K - 1035K 1052K
01/21 Building Permits MoM 05:30 December 0.8% - -5.2% -3.7%
01/22 Jobless Claims 05:30 January 17 300K - 316K -
01/22 Continuing Claims 05:30 January 10 2400K - 2424K -
01/22 FHFA Home Price Index MoM 06:00 November 0.3% - 0.6% -
01/23 Existing Home Sales 07:00 December 5.08 Millions - 4.93 Millions -
01/23 Existing Home Sales MoM 07:00 December 3.0% - -6.1% -
01/23 Leading Index 07:00 December 0.4% - 0.6% -
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This information is provided solely for informational use and is not intended as a trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not liscensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to 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, price, guidelines, fees, costs, terms and conditions are subject to change without notice.