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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-06.5(+19)1.867%  
 
  FN 3.5% Coupon   105-09 (+07.5)  
 
  Support   2.40%  
 
  Resistance   1.62%  
 
 
 
 
 
Today's Blurb Wednesday, April 01, 2015
 
 
      MBA Mortgage Applications rose 4.6% last week following a +9.5% jump the week prior. Purchases rose +4.9%, Refinancing rose +12.3% and the average interest rate for a conforming conventional loan fell -9 bps to 3.90% (4.56% a year ago). ADP Employment Change disappointed market expectations, estimating that 189K jobs were added for March vs. 212K prior (consensus 225); this is the smallest monthly gain for ADP since January of last year. Yield on the 10-Year fell -4 bps on the ADP news and breached 1.90% at 1.866%. This ADP report could point to a negative Nonfarm Payrolls on Friday, and a slowdown in labor demand. Construction Spending for February posted in line with expectations, contracting -0.1% (consensus -0.1%) with the prior month revised down from -1.1% to -1.7%. ISM Manufacturing for March remained above 50, but was weaker than expected at 51.5 vs. 52.9 prior (consensus 52.5). Treasuries continue to remain elevated this morning in response to the overall weakness in today‚Äôs data and the curve has bull flattened with 2s10s down -4.3 bps.
 
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  03/30 Personal Income 05:30 Feb 0.30% 0.40% 0.30% 0.40%  
  03/30 Personal Spending 05:30 Feb 0.20% 0.10% -0.20% -  
  03/31 S&P/Case-shiller US HPI MoM 06:00 Jan - 0.57% 0.73% 0.71%  
  03/31 S&P/Case-shiller US HPI YoY 06:00 Jan - 4.47% 4.62% 4.58%  
  04/01 MBA Mortgage Applications 04:00 Mar 27 - 4.60% 9.50% -  
  04/01 ADP Employment Change 05:15 Mar 225K 189K 212K 214K  
  04/01 Markit US Manufacturing PMI 06:45 Mar F 55.30 55.70 55.30 -  
  04/01 Construction Spending MoM 07:00 Feb -0.10% -0.10% -1.10% -1.70%  
  04/01 ISM Manufacturing 07:00 Mar 52.50 51.50 52.90 -  
  04/02 Initial Jobless Claims 05:30 Mar 28 287K - 282K -  
  04/02 Continuing Claims 05:30 Mar 21 2405K - 2416K -  
  04/02 Trade Balance 05:30 Feb -$41.20 Bn - -$41.80 Bn -  
  04/02 Factory Orders 07:00 Feb -0.40% - -0.20% -  
  04/03 Nonfarm Payrolls 05:30 Mar 245K - 295K -  
  04/03 Unemployment Rate 05:30 Mar 5.50% - 5.50% -  
                   
 
 
 
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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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