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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   99-16 (+12) 2.056%  
  FN 3.5% Coupon   104-13.5 (+05)  
  Support   2.40%  
  Resistance   1.62%  
Today's Blurb Tuesday, March 17, 2015
       Housing Starts slumped in February to a much lower than expected 897K (consensus 1040K) and the prior month was revised up from 1065K to 1081K. The sharp -184K decline in Starts represents a monthly decline of -17.0% vs. market expectations for a modest -2.4% dip. Single Family Starts plunged -14.9% and Multi-family Starts plunged -20.8%. Building Permits tells a different story, posting higher than expected at 1092K (consensus 1065K) and the prior month was revised up from 1053K to 1060K. The 32K advance in Building Permits represents a monthly gain of +3.0% vs. market expectations for a mere +0.5% boost. Today the Fed begins their meeting to determine interest rate policy, and tomorrow we watch their statement release for clues to a rate hike lift off. The curve has bull flattened with 2s10s down -3.8 bps and yield on the 10-Year note hovering just above the 2% level.
This Week's Events
  03/17 Housing Starts 05:30 Feb 1040K 897K 1065K 1081K  
  03/17 Housing Starts MoM 05:30 Feb -2.40% -17.00% -2.00% 0.00%  
  03/17 Building Permits 05:30 Feb 1065K 1092K 1053K 1060K  
  03/17 Building Permits MoM 05:30 Feb 0.50% 3.00% -0.70% 0.00%  
  03/18 MBA Mortgage Applications 04:00 Mar 13 - - -1.30% -  
  03/18 FOMC Rate Decision (Upper Bound) 11:00 Mar 18 0.25% - 0.25% -  
  03/18 FOMC Rate Decision (Lower Bound) 11:00 Mar 18 0.00% - 0.00% -  
  03/19 Current Account Balance 05:30 4Q -$104.10 Bn - -$100.30 Bn -  
  03/19 Jobless Claims 05:30 Mar 14 293K - 289K -  
  03/19 Continuing Claims 05:30 Mar 7 2400K - 2418K -  
  03/19 Leading Index 07:00 Feb 0.20% - 0.20% -  
  03/20 No Data - - - - - -  
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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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