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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-23.5 (+06)  
 
  FN 3.5% Coupon   102-05 (+01.5)  
 
  Support   2.628%  
 
  Resistance   2.373%  
 
 
 
 
Wednesday, March 22, 2017
 
 
The UST 10-Year yield is at 2.383% this morning after closing at 2.418% yesterday.

This morning, U.S. Treasuries continued to rally pushing yields down to their lowest levels in over 3 weeks as uncertainty grows under the new Trump presidency over the ability to successfully repeal and replace ObamaCare, and deliver on the promised tax cuts and fiscal reforms.

In economic releases, MBA Mortgage Applications fell by 2.70% in the week ended March 17th after a 3.10% rise the week prior. FHA purchases were down 1.20% and VA refinances dropped by 13.60%. The average 30-Year fixed rate remained at 4.460% for the past 2 weeks. FHFA House Price Index was unchanged in January after a 0.40% rise the month prior. Existing Home Sales dropped 3.70% to 5.48 Million in February after rising to their highest level of 5.69 Million the previous month.

The U.S. Dollar is beginning to see some recovery after losing 1.56% against the Yen and 1.51% against the Pound in the last 5 days; currently the Dollar Index (DXY) is up 0.04% at 99.79. WTI Crude Oil prices have dropped 54 cents to $47.70 per barrel.

The curve has bull-flattened with the UST 10-Year 3.5 bps down from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/20 Chicago Fed Nat Activity Index 05:30 Feb 0.03 0.34 -0.05 -0.02  
                   
  03/21 Current Account Balance 05:30 4Q -$129.00 B -$112.40 B -$113.00 B -$116.00 B  
                   
  03/22 MBA Mortgage Applications 04:00 17 Mar - -2.70% 3.10% -  
                   
  03/22 FHFA House Price Index MoM 06:00 Jan 0.40% 0.00% 0.40% -  
                   
  03/22 Existing Home Sales 07:00 Feb 5.55 M 5.48 M 5.69 M -  
                   
  03/22 Existing Home Sales MoM 07:00 Feb -2.50% -3.70% 3.30% -  
                   
  03/23 Initial Jobless Claims 05:30 18 Mar 240 K - 241 K -  
                   
  03/23 Continuing Claims 05:30 11 Mar 2040 K - 2030 K -  
                   
  03/23 Bloomberg Consumer Comfort 06:45 19 Mar - - 51.00 -  
                   
  03/23 New Home Sales 07:00 Feb 565 K - 555 K -  
                   
  03/23 New Home Sales MoM 07:00 Feb 1.80% - 3.70% -  
                   
  03/23 Kansas City Fed Manf. Activity 08:00 Mar 14.00 - 14.00 -  
                   
  03/24 Durable Goods Orders 05:30 Feb P 1.40% - 2.00% -  
                   
  03/24 Durables Ex Transportation 05:30 Feb P 0.60% - 0.00% -  
                   
  03/24 Markit US Manufacturing PMI 06:45 Mar P 54.70 - 54.20 -  
                   
 
 
 
 
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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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