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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-15 (+02)  
 
  FN 3.5% Coupon   102-05.5 (+0.5)  
 
  Support   2.520%  
 
  Resistance   2.392%  
 
 
 
 
Wednesday, February 22, 2017
 
 
The UST 10-Year yield is at 2.401% this morning after closing at 2.430% yesterday.

This morning, U.S. Treasuries are rallying across the curve ahead of the anticipated release of the minutes from the FOMC's February 1st policy meeting. The U.S. dollar continues to strengthen with the DXY up 0.13% at 101.57. In commodities, WTI crude oil prices are down 29 cents to $54.04 per barrel.

In economic news, MBA Mortgage applications fell for the second time this year, dropping by 2.00% for the week that ended February 17th after falling 3.70% the week prior. FHA purchases are down 5.40% after falling 6.80% the week prior, and VA refinances rose 1.10% after a decrease of 17.20% the previous week. Existing home sales climbed for the fifth time in 6 months to a 10-Year high of 5.69 Million in spite of dropping inventory and higher interest rates. Property inventory fell 7.15 in January and has fallen for the 20th consecutive time YoY.

The curve has bull-flattened with the UST 10-Year 2.9 bps down from prior closing.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  02/20 No Data - - - - - -  
                   
  02/21 Markit US Manufacturing PMI 06:45 Feb P 55.40 54.30 55.00 -  
                   
  02/21 Markit US Services PMI 06:45 Feb P 55.80 53.90 55.60 -  
                   
  02/21 Markit US Composite PMI 06:45 Feb P - 54.30 55.80 -  
                   
  02/22 MBA Mortgage Applications 04:00 17 Feb - -2.00% -3.70% -  
                   
  02/22 Existing Home Sales 07:00 Jan 5.55 M 5.69 M 5.49 M 5.51 M  
                   
  02/22 Existing Home Sales MoM 07:00 Jan 1.10% 3.30% -2.80% -1.60%  
                   
  02/22 FOMC Meeting Minutes 11:00 1 Feb - - - -  
                   
  02/23 Chicago Fed Nat Activity Index 05:30 Jan 0.00 - 0.14 -  
                   
  02/23 Initial Jobless Claims 05:30 18 Feb 240K - 239K -  
                   
  02/23 Continuing Claims 05:30 11 Feb 2068K - 2076K -  
                   
  02/23 FHFA House Price Index MoM 06:00 Dec 0.50% - 0.50% -  
                   
  02/23 Bloomberg Consumer Comfort 06:45 19 Feb - - 48.10 -  
                   
  02/23 Kansas City Fed Manf. Activity 08:00 Feb 9.00 - 9.00 -  
                   
  02/24 New Home Sales 07:00 Jan 571K - 536K -  
                   
  02/24 New Home Sales MoM 07:00 Jan 6.40% - -10.40% -  
                   
  02/24 U. of Mich. Sentiment 07:00 Feb F 96.00 - 95.70 -  
                   
 
 
 
 
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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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