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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-20 (-01)  
 
  FN 3.5% Coupon   102-04.5 (-0.5)  
 
  Support   2.599%  
 
  Resistance   2.373%  
 
 
 
 
Thursday, March 23, 2017
 
 
The UST 10-Year yield is at 2.399% this morning after closing at 2.406% yesterday.

This morning, U.S. Treasuries are rallying once again pushing yields lower for the fifth consecutive day.

In economic news, the Department of Labor reported that Initial Jobless Claims rose by 15K to 258K for the week ended March 18th, the highest level in 7 weeks. The jump was in part due to an increase in new claims in Ohio and Kansas, which rose by 4,260 and 2,774 respectively. Claims for those continuing to receive benefits dropped by 39K to 2 million in the week ended March 11th. The unemployment rate among those eligible for benefits dropped by 0.10% to 1.50%.

The Department of Commerce released New Home Sales data indicating a 6.10% rise to 592K for the month of February from the previously revised 558K. The 7-month high sales were led by an increase in demand of 30.90% in the Midwest. The median sales price was $296,200 and the average sales price was $390,400. Consumer Comfort Index rose to 51.30, the highest level in 16 years. The index rose 7 of the past 8 weeks, with the latest increase largely due to a rise in the buying climate index, which increased to 46.50 from 45.10, the highest since December 2001.

Later today, Fed Chair Janet Yellen will speak at the 10th Biennial Fed Reserve System Community Development Research Conference in Washington D.C.

The curve has bull-flattened with the UST 10-Year 0.7 bp 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 258 K 241 K 243 K  
                   
  03/23 Continuing Claims 05:30 11 Mar 2040 K 2000 K 2030 K 2039 K  
                   
  03/23 Bloomberg Consumer Comfort 06:45 19 Mar - 51.30 51.00 -  
                   
  03/23 New Home Sales 07:00 Feb 564 K 592 K 555 K 558 K  
                   
  03/23 New Home Sales MoM 07:00 Feb 1.60% 6.10% 3.70% 5.30%  
                   
  03/23 Kansas City Fed Manf. Activity 08:00 Mar 14.00 20.00 14.00 -  
                   
  03/24 Durable Goods Orders 05:30 Feb P 1.30% - 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 -  
                   
  03/24 Markit US Services PMI 06:45 Mar P 54.00 - 53.80 -  
                   
  03/24 Markit US Composite PMI 06:45 Mar P - - 54.10 -  
                   
 
 
 
 
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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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