Initial Jobless Claims came in at 362k vs. 355k expected, the first increase in three weeks. Continuing claims increased to 3148k vs. 3150k expected. On the inflation front, CPI MoM came in at 0 vs. 0.1% expected and CPI ex food and energy MoM was 0.3% vs. 0.2% expected. The YoY numbers were 1.6% (1.6% exp) and 1.9% (1.8% expected) for CPI and CPI ex food and energy, respectively.
The market is continuing its post FOMC minutes rally from yesterday as 10-year notes sit at 1.97% and equities are down across the board. Without any additional information from the minutes yesterday, all eyes are now on the economic data domestically and on overseas developments. Overnight, equity markets were down on the back of worse than expected PMI, as economic data has been worsening there. At 10:00 AM existing home sales will be released and at 11:00 AM there is a US Treasury buyback in the 11/18 to 2/20 sector of $3-3.75 Billion.
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.