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Market Commentary


 
Today's Coupons
 
  10-Year Notes   103-04 (-05)  
 
  FN 3.5% Coupon   99-20 (-02.5)  
 
  Support   3.237%  
 
  Resistance   2.543%  
 
 
 
 
Wednesday, January 23, 2019
 
 
Market opened today’s session with treasuries selling-off across all maturities. 10-Year treasury yield is at 2.7606, 2.14 bps increased from prior closing of 2.7392.

The S&P 500, Dow Jones, and Nasdaq indexes climbed after the release of strong corporate earnings from companies like IBM, United Technologies and Proctor & Gamble. Treasuries slid and the dollar also pared gain from its six-day rally. The political outlook for the UK got cloudier in Davos this morning as the UK Trade Secretary said that a no-deal Brexit was a “real possibility” at the World Economic Forum. On the trade front, the Trump administration commented that the negotiations between the US and China next week will be “determinative”. Meanwhile, the Senate will vote tomorrow on legislation to end the government shutdown although it is not clear whether any of the proposals will pass. Many corporates including Ford and Texas Instruments are set to post earnings results later today.

In the economic calendar today, MBA Mortgage Applications fell 2.70% last week after rising 13.50% in prior. Both purchases and refinances fell 2.20% and 5.30% after rising 9.10% and 18.70% in prior, respectively. FHFA House Price Index in November came in slightly higher than consensus of 0.30% at 0.40% vs. 0.40% revised prior. Lastly, Richmond Fed Manufacturing Index came in line with consensus of -2.00 vs. -8.00 prior.

The curve has bear-steepened with UST 10-Year yield up 2.14 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  01/21 No Data - - - - - -  
                   
  01/22 Existing Home Sales 07:00 Dec 5.24m 4.99m 5.32m 5.33m  
                   
  01/22 Existing Home Sales MoM 07:00 Dec -1.50% -6.40% 1.90% 2.10%  
                   
  01/23 MBA Mortgage Applications 04:00 18 Jan - -2.70% 13.50% -
                 
  01/23 FHFA House Price Index MoM 06:00 Nov 0.30% 0.40% 0.30% 0.40%  
                   
  01/23 Richmond Fed Manufact. Index 07:00 Jan -2.00 -2.00 -8.00 -  
                   
  01/24 Initial Jobless Claims 05:30 19 Jan 218k - 213k -  
                   
  01/24 Continuing Claims 05:30 12 Jan 1730k - 1737k -  
                   
  01/24 Bloomberg Consumer Comfort 06:45 20 Jan - - 58.10 -  
                   
  01/24 Markit US Composite PMI 06:45 Jan P - - 54.40 -  
                   
  01/24 Markit US Manufacturing PMI 06:45 Jan P 53.50 - 53.80 -  
                   
  01/24 Markit US Services PMI 06:45 Jan P 54.00 - 54.40 -  
                   
  01/24 Leading Index 07:00 Dec -0.10% - 0.20% -  
                   
  01/24 Kansas City Fed Manf. Activity 08:00 Jan 3.00 - 3.00 -  
                   
  01/25 Durable Goods Orders 05:30 Dec P 1.50% - - -  
                   
  01/25 Durables Ex Transportation 05:30 Dec P 0.20% - - -  
                   
  01/25 New Home Sales 07:00 Dec 572k - - -  
                   
  01/25 New Home Sales MoM 07:00 Dec 5.10% - - -  
                   
 
 
 
 
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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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