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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-22 (-01)  
 
  FN 3.5% Coupon   99-14 (-01)  
 
  Support   2.950%  
 
  Resistance   2.797%  
 
 
 
 
Wednesday, March 21, 2018
 
 
Treasuries are lower than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.906% after closing at 2.897% during the prior session.

MBA Mortgage Applications for the week ended March 16 were released today and reflected a -1.10% change versus the prior week’s 0.90% mark. Also in today, month-over-month Existing Home Sales for February came in at 3.00%, above survey of 0.40% and up from previous mark of -3.20%; while Existing Home Sales for February reached 5.54 Million, exceeding estimates of 5.40 Million and up from its previous 5.38 Million mark. Finally, 4Q Current Account Balance reflected a $128.20 Billion deficit, larger than the estimated deficit for the period of $125.00 Billion and larger than the previously reported $101.50 Billion revised deficit.  

The Federal Open Market Committee of the Federal Reserve is scheduled to conclude their meeting today, where a possible determination of a further increase to the Fed Funds Target Rates could be announced at 11:00 AM (PT).

The curve has bear-steepened with the UST 10-Year yield up 0.9 bp from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/19 No Data - - - - - -  
                   
  03/20 No Data - - - - - -  
                   
  03/21 MBA Mortgage Applications 04:00 16 Mar - -1.10% 0.90% -  
                   
  03/21  Existing Home Sales 07:00 Feb 5.40m 5.54m 5.38m -  
                   
  03/21 Existing Home Sales MoM 07:00 Feb 0.40% 3.00% -3.20% -  
                   
  03/21 FOMC Rate Decision (Upper Bound) 11:00 21 Mar  1.75% - 1.50% -  
                   
  03/21 FOMC Rate Decision (Lower Bound) 11:00 21 Mar  1.50% - 1.25% -  
                   
  03/22 Initial Jobless Claims 05:30 17 Mar  225k - 226k -  
                   
  03/22 Continuing Claims 05:30 10 Mar  1870k - 1879k -  
                   
  03/22 FHFA House Price Index MoM 06:00 Jan 0.40% - 0.30% -  
                   
  03/22 Bloomberg Consumer Comfort 06:45 18 Mar - - 56.20 -  
                   
  03/22 Markit US Manufacturing PMI 06:45 Mar P 55.50 - 55.30 -  
                   
  03/22 Markit US Services PMI 06:45 Mar P 56.00 - 55.90 -  
                   
  03/22 Markit US Composite PMI 06:45 Mar P - - 55.80 -  
                   
  03/22 Leading Index 07:00 Feb 0.50% - 1.00% -  
                   
  03/22 Kansas City Fed Manf. Activity 08:00 Mar 17.00 - 17.00 -  
                   
  03/23 Durable Goods Orders 05:30 Feb P 1.60% - -3.60% -  
                   
  03/23 Durables Ex Transportation 05:30 Feb P 0.50% - -0.30% -  
                   
  03/23 New Home Sales 07:00 Feb 620k - 593k -  
                   
  03/23 New Home Sales MoM 07:00 Feb 4.60% - -7.80% -  
                   
 
 
 
 
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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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