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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   98-20 (-07) 2.154%  
  FN 3.5% Coupon   104-01.5 (-02)  
  Support   2.40%  
  Resistance   1.62%  
Today's Blurb Wednesday, March 11, 2015
     MBA Mortgage Applications fell -1.3% last week after rising +0.1% the week prior. Purchases rose +1.9% vs. -0.2% prior (+2.3% YoY), Refinancing fell -2.9% vs. +0.5% prior (+17.3% YoY), and the average interest rate for a Conventional 30-Year loan rose above the 4% mark, up +5 bps to 4.01% vs. 3.96% prior (4.52% a year ago). Treasuries got a boost yesterday amid speculation that the ECB’s bond purchase program will create a scarcity of government bonds. Investors are also seeking higher yields than are available in Europe which is adding further impetus to the flight to quality. Although the 10-Year yield has climbed from January’s low of 1.64%, it remains well below the 3.28% average for the past decade. Treasuries are on the decline today ahead of tomorrow’s Retail Sales report which is expected to show Retails Sales to improve in February after declining at the start of the year. The curve has bear steepened with 2s10s up +0.3 bps and MBS is outperforming treasury hedges by 1.0-1.5 ticks.
This Week's Events
  03/11 MBA Mortgage Applications 04:00 Mar 6 - -1.3% 0.1% -  
  03/12 Retail Sales Advance MoM 05:30 Feb 0.3% - -0.8% -  
  03/12 Jobless Claims 05:30 Mar 7 305K - 320K -  
  03/12 Continuing Claims 05:30 Feb 28 2400K - 2421K -  
  03/12 Import Price Index MoM 05:30 Feb 0.2% - -2.8% -  
  03/12 Import Price Index YoY 05:30 Feb -8.9% - -8.0% -  
  03/13 PPI Final Demand MoM 05:30 Feb 0.3% - -0.8% -  
  03/13 PPI Final Demand YoY 05:30 Feb 0.0% - 0.0% -  
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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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