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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-09.5 (-10.5)  
 
  FN 3.5% Coupon   103-02 (-05.5)  
 
  Support   2.354%  
 
  Resistance   2.165%  
 
 
 
 
Wednesday, April 19, 2017
 
 
Treasuries are relatively lower across the curve this morning after yields across maturities reached lowest levels yesterday since November. The UST 10-Year yield is currently at 2.204% after closing at 2.169% prior.

This morning we received the MBA Mortgage Applications for the week ending April 14th showing a slip in activity for the 4th time in the last 5 weeks. Mortgage applications fell 1.80% last week after rising 1.50% in prior week, with purchase applications down 3.40% after rising 2.90% prior, while refinance applications increased by 0.20% after rising 0.00% prior.

The rest of today's economic events are both Fed-related. Boston Fed President Rosengren will speak at the Levy Economics Institute of Bard College at 9:30 AM (PT). Then at 11:00 AM (PT), the Fed will release its most recent Beige Book in anticipation of its upcoming two-day meeting in May. Today's release should reveal the current state of regional economies. The remainder of the week consists of Thursday's Leading Index and Friday's Existing Home Sales.

The curve has bear-steepened with the UST 10-Year up 3.5 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/17 Empire Manufacturing 05:30 Apr 15.00 5.20 16.40 -  
                   
  04/17 NAHB Housing Market Index 07:00 Apr 70.00 68.00 71.00 -  
                   
  04/17 Total Net TIC Flows 13:00 Feb - $19.30b $110.40b $121.20b  
                   
  04/18 Housing Starts 05:30 Mar 1250k 1215k 1288k 1303k  
                   
  04/18 Housing Starts MoM 05:30 Mar -3.00% -6.80% 3.00% 5.00%  
                   
  04/18 Building Permits 05:30 Mar 1250k 1260k 1213k 1216k  
                   
  04/18 Building Permits MoM 05:30 Mar 2.80% 3.60% -6.20% -6.00%  
                   
  04/18 Industrial Production MoM 06:15 Mar 0.50% 0.50% 0.00% 0.10%  
                   
  04/18 Capacity Utilization 06:15 Mar 76.10% 76.10% 75.40% 75.70%  
                   
  04/19 MBA Mortgage Applications 04:00 14 Apr - -1.80% 1.50% -  
                   
  04/19 U.S. Federal Reserve Releases Beige Book 11:00 - - - - -  
                   
  04/20 Initial Jobless Claims 05:30 15 Apr 240k - 234k -  
                   
  04/20 Continuing Claims 05:30 8 Apr 2024k - 2028k -  
                   
  04/20 Philadelphia Fed Business Outlook 05:30 Apr 25.50 - 32.80 -  
                   
  04/20 Bloomberg Consumer Comfort 06:45 16 Apr - - 51.00 -  
                   
  04/20 Leading Index 07:00 Mar 0.20% - 0.60% -  
                   
  04/21 Markit US Manufacturing PMI 06:45 Apr P 53.50 - 53.30 -  
                   
  04/21 Markit US Services PMI 06:45 Apr P 53.40 - 52.80 -  
                   
  04/21 Markit US Composite PMI 06:45 Apr P - - 53.00 -  
                   
  04/21 Existing Home Sales 07:00 Mar 5.60m - 5.48m -  
                   
  04/21 Existing Home Sales MoM 07:00 Mar 2.20% - -3.70% -  
                   
 
 
 
 
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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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