Initial claims came in at 341k vs. 360k expected while continuing claims were 3114k vs. 3205k expected. This better than expected result helped to put a damper on any major carry-over from overnight flows. During the London session European GDP figures missed the mark across the board signaling the issues in Euro-land are far from over. The Asian session continues to be quiet as holidays, JPY currency moves, and asset allocation shifts combine to create...well nothing. Ten-year notes opened the session at 2.04% and have rallied back to 2.01% while MBS are on spread to duration hedges. Origination remains light on the day, but buyers beyond the FED are few and far between. The 30-year auction came in slightly through WI (3.18%) as investors took advantage of the higher yield. The tug of war between expectations of higher future rates and the current reality that economies across the board are still in rough shape will continue, and thus extra volatility will be injected into the markets.
GNMA Seller, Servicer, Master Servicer
Fannie Mae and Freddie Mac Direct Lender
Licensed throughout the U.S. and Puerto Rico
Privately Held Mortgage Bank for Over 32 Years
Excellent Underwriting / Funding Turn Times
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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. Sun West Mortgage Company, Inc. (NMLS ID 3277) is licensed by the Department of Corporations as a California Finance Lender (License #603 0119) and is licensed by the Department of Real Estate (License #00793885). Refer to www.swmc.com to see where Sun West is a licensed lender. In all states, the principal licensed office of Sun West Mortgage Company, Inc. is 18303 Gridley Road in Cerritos, CA 90703; Phone: (800) 453-7884.