The UST10-Year yield is at 2.395% this morning after closing at 2.419% yesterday.
Yesterday, we saw a reversal of the markets snapping a 7-day cycle as U.S. Treasuriessold-off and Equities recovered from their losing streak. This morning, U.S. Treasury prices are higher as U.K. Prime Minister Theresa May presents the letter to the European Council President triggering the start of Brexit negotiations. In the commodities market, WTI Crude Oil gained 10 cents to $48.47. The greenback is rebounding with the Dollar Index up 0.35% to 100.02.
In economic releases, MBA Mortgage Application fell for the second consecutive week, dropping by -0.80% in the week ended March 24th after a -2.70% drop the previous week. FHA Purchases were down 2.90% after a 1.20% drop the week prior and VA Refinances rose 5.00% after falling 13.60% previously. The average 30-Year fixed rate decreased to 4.330% vs. 4.460% the previous week. Pending Home Sales rose 5.50% MoM in February, the largest increase since July 2010, however, sales are down by 2.40% from this time last year.
In Fedspeak, Chicago President Evans (he is in support of 1 additional rate hike this year, but comfortable with 2 should conditions improve) will speak on current economic conditions and monetary policy. Boston Fed President Rosengren (previously dovish, turned hawkish) will speak on economic outlook and lastly, San Francisco Fed President Williams is set to speak in NY at 10:15 AM (PT).
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
Yesterday, we saw a reversal of the markets snapping a 7-day cycle as U.S. Treasuries sold-off and Equities recovered from their losing streak. This morning, U.S. Treasury prices are higher as U.K. Prime Minister Theresa May presents the letter to the European Council President triggering the start of Brexit negotiations. In the commodities market, WTI Crude Oil gained 10 cents to $48.47. The greenback is rebounding with the Dollar Index up 0.35% to 100.02.
In economic releases, MBA Mortgage Application fell for the second consecutive week, dropping by -0.80% in the week ended March 24th after a -2.70% drop the previous week. FHA Purchases were down 2.90% after a 1.20% drop the week prior and VA Refinances rose 5.00% after falling 13.60% previously. The average 30-Year fixed rate decreased to 4.330% vs. 4.460% the previous week. Pending Home Sales rose 5.50% MoM in February, the largest increase since July 2010, however, sales are down by 2.40% from this time last year.
In Fedspeak, Chicago President Evans (he is in support of 1 additional rate hike this year, but comfortable with 2 should conditions improve) will speak on current economic conditions and monetary policy. Boston Fed President Rosengren (previously dovish, turned hawkish) will speak on economic outlook and lastly, San Francisco Fed President Williams is set to speak in NY at 10:15 AM (PT).
The curve has bull-flattened with the UST 10-Year 2.4 bps down from prior closing.