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Market Commentary

Market Commentary

April 16, 2014
10-YEAR NOTES   100-25 (-08.5)
FN 3.5% COUPON   101-03.5 (-05.5)
SUPPORT   2.825%
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A drop in mortgage rates led to a big spike in mortgage applications in the April 11 week. MBA mortgage applications jumped +4.3% vs. -1.6% prior. Purchases slowed to +1.3% vs. +2.7% prior, refinancing jumped +6.9% vs. -4.9% prior and the average rate for a conforming 30-Year fixed mortgage fell -9 bps to 4.47%. Housing starts picked up in March, however disappointed expectations posting 946K against consensus of 970K. Overall Housing starts rose 2.8 percent (consensus +7%) after a 1.9 percent increase in February. Single family starts jumped +6% vs. +2.9 prior, multifamily starts slipped -3.1% after coming in flat in February. Overall permits fell -2.4% following February’s +7.3% surge. Industrial Production (MoM) grew +0.7% vs. +0.6% prior and Capacity Utilization posted 79.2% vs. 78.8% prior. Treasuries are rallying off session lows following the disappointing housing starts and building permits, and daily momentum is still bullish. The curve has bear steepened with 2s10s up 3 bps.

The Fed will release their Beige Book at 2:00 PM EDT.

This Week's Events:

04/16 MBA Mortgage Applications 07:00 April 11 - 4.30% -1.60% -
04/16 Housing Starts 08:30 March 970 K 946 K 907 K 920 K
04/16 Industrial Production MoM 09:15 March 0.50% 0.70% 0.60% 1.20%
04/16 Beige Book 14:00 - - - - -
04/17 Jobless Claims 08:30 April 12 315 K - 300 K -
04/17 Continuing Claims 08:30 April 5 2778 K - 2776 K -
04/17 Philadelphia Fed  10:00 April 10.00 - 9.00 -



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This information is provided solely for informational use and is not intended as a trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not liscensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to 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, price, guidelines, fees, costs, terms and conditions are subject to change without notice.