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Market Commentary

Market Commentary

March 04, 2015
10-YEAR NOTES   98-30 (+00)
FN 3.5% COUPON   104-11 (+00.5)
SUPPORT   2.40%
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    MBA Mortgage applications for the week ended February 27th edged up +0.1% following a -3.5% dip the week prior. Purchases fell -0.2% vs. +4.6% prior (-0.2% YoY), Refinancing rose +0.5% vs. -7.5% prior (+17.2% YoY), and the average interest rate for a 30-Year conventional loan fell -3.0 bps to 3.96% (4.47% a year ago). Today's ADP report projects a slowdown for Friday's payroll print. ADP estimates that private payrolls rose 212K for February, 7K below the 219K consensus. While ADP missed consensus for February, the release includes a big upward revision for January, to 250K vs. an initially reported 213K. Treasuries are getting a boost this morning from the disappointing ADP data, and the curve has bull steepened with 2s10s up +1 bps.    
This Week's Events:
03/04 MBA Mortgage Applications 04:00 February 27 - 0.1% -3.5% -
03/04 ADP Employment Change 05:15 February 219K 212K 213K 250K
03/04 Markit US Composite PMI 06:45 February F - 57.2 56.8 -
03/04 Markit US Services PMI 06:45 February F 57.0 57.1 57.0 -
03/05 Jobless Claims 05:30 February 28 295K - 313K -
03/05 Continuing Claims 05:30 February 21 2395K - 2401K -
03/05 Factory Orders 07:00 January 0.2% - -3.4% -
03/06 Nonfarm Payrolls 05:30 February 235K - 257K -
03/06 Unemployment Rate 05:30 February 5.6% - 5.7% -
03/06 Labor Force Participation Rate 05:30 February - - 62.9% -
03/06 Trade Balance 05:30 January -$41.5 Billion - -$46.6 Billion -
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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.