Back to top

Market Commentary

Home
Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-07 (+06)  
 
  FN 3.5% Coupon   99-06.5 (+05)  
 
  Support   3.026%  
 
  Resistance   2.719%  
 
 
 
 
Friday, April 27, 2018
 
 
Treasuries are higher than yesterday at the opening of today’s session. The yield on the UST 10-Year is currently at 2.958% after closing at 2.982% during the prior session.

Funding needs from the U.S. Treasury, anticipated to be up-sized during the quarter’s auction announcement next week, are expected to continue rising in the near future as tax cuts are projected to widen the fiscal deficit to over $1 Trillion by 2020 according to the Congressional Budgetary Office. JP Morgan Chase & Co. is now anticipating that Treasury’s annual debt sales will have doubled by the end of year to the tune of $1.44 Trillion. The growing debt issuance has partially pushed yields upward, impacting financing costs to borrowers, while the Fed also appears to be on track for more rates increases during the remainder of 2018.

Gross Domestic Product for the first quarter of the year rose at an annualized rate of 2.30%, beating a 2.00% forecast but softening from its previous 2.90% rise during the prior quarter, according to the Commerce Department this morning. Further, forecast University of Michigan’s series of indices for April were also released this morning. Consumer Sentiment scored 98.80, versus estimates of 98.00 and rising from 97.80; Consumer Expectations scored 88.40 versus 86.80 prior; 1-Year Expected Inflation came in at 2.70% versus 2.70% prior; and 5-10 Year Expected Inflation came in at 2.50% versus 2.40% prior. Finally, quarter-over-quarter Personal Consumption for the first quarter registered a 1.10% change, matching survey but dropping from its 4.00% mark during the previous period.

The curve has bull-flattened with the UST 10-Year yield down 2.4 bps from prior closing.

Have A Great Weekend!
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/23 Chicago Fed Nat Activity Index 05:30 Mar 0.28 0.10 0.88 0.98  
                   
  04/23 Markit US Manufacturing PMI 06:45 Apr P 55.20 56.50 55.60 -  
                   
  04/23 Markit US Services PMI 06:45 Apr P 54.10 54.40 54.00 -  
                   
  04/23 Markit US Composite PMI 06:45 Apr P - 54.80 54.20 -  
                   
  04/23 Existing Home Sales 07:00 Mar 5.55m 5.60m 5.54m -  
                   
  04/23 Existing Home Sales MoM 07:00 Mar 0.20% 1.10% 3.00% -  
                   
  04/24 FHFA House Price Index MoM 06:00 Feb 0.60% 0.60% 0.80% 0.90%  
                   
  04/24 S&P CoreLogic CS 20-City MoM SA 06:00 Feb 0.70% 0.83% 0.75% 0.81%  
                   
  04/24 S&P CoreLogic CS 20-City YoY NSA 06:00 Feb 6.35% 6.80% 6.40% 6.43%  
                   
  04/24 New Home Sales 07:00 Mar 630k 694k 618k 667k  
                   
  04/24 New Home Sales MoM 07:00 Mar 1.90% 4.00% -0.60% 3.60%  
                   
  04/24 Richmond Fed Manufact. Index 07:00 Apr 16.00 -3.00 15.00 -  
                   
  04/25 MBA Mortgage Applications 04:00 20 Apr - -0.20% 4.90% -  
                   
  04/26 Wholesale Inventories MoM 05:30 Mar P 0.70% 0.50% 1.00% -  
                   
  04/26 Initial Jobless Claims 05:30 21 Apr 230k 209k 232k 233k  
                   
  04/26 Continuing Claims 05:30 14 Apr 1850k 1837k 1863k 1866k  
                   
  04/26 Durable Goods Orders 05:30 Mar P 1.60% 2.60% 3.00% 3.50%  
                   
  04/26 Durables Ex Transportation 05:30 Mar P 0.50% 0.00% 1.00% 0.90%  
                   
  04/26 Bloomberg Consumer Comfort 06:45 22 Apr - 57.50 58.10 -  
                   
  04/26 Kansas City Fed Manf. Activity 08:00 Apr 17.00 26.00 17.00 -  
                   
  04/27 GDP Annualized QoQ 05:30 1Q A 2.00% 2.30% 2.90% -  
                   
  04/27 Personal Consumption 05:30 1Q A 1.10% 1.10% 4.00% -  
                   
  04/27 GDP Price Index 05:30 1Q A 2.20% 2.00% 2.30% -  
                   
  04/27 Core PCE QoQ 05:30 1Q A 2.50% 2.50% 1.90% -  
                   
  04/27 U. of Mich. Sentiment 07:00 Apr F 98.00 98.80 97.80 -  
                   
 
 
 
 
Helpful Links
  Visit Us Online   Submit Loan  
  Get Approved   SeeMyLoanStatusTM  
  Download Rate Sheet   Conventional Program Guidelines  
  Price & Lock   Government Program Guidelines  
 
 
   
 
  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  
 
©2019 Sun West Mortgage Company, Inc. All Rights Reserved