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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-20.5 (-10) 2.041%  
 
  FN 3.5% Coupon   104-22 (-04.5)  
 
  Support   2.400%  
 
  Resistance   1.620%  
 
 
 
 
Today's Blurb Wednesday, April 29, 2015
 
 
      MBA Mortgage Applications fell -2.3% last week to reverse the prior week’s +2.3% gain (+33.7% YoY). There was no growth in Purchases last week following the prior’s +5.0% jump, Refinancing fell -3.7% vs. +0.6% prior (+46.0% YoY) and the average interest rate for a conventional conforming loan rose +2 bps to 3.85%. The advanced estimate of GDP was significantly weaker than expectations showing that the economy grew +0.2% (consensus +1.0%) vs. +2.2% in Q3. The increase in GDP primarily reflects positive contributions from Personal Consumption Expenditures (+1.9%) and Private Inventory Investment (+0.74%), offset by negative contributions from Exports (-7.2%), non-residential fixed investment (-3.4%) and government spending (-1.5%). The strong dollar and decline in energy prices are dragging on Exports and Investment spending. We simply are not seeing the robust growth seen in Q2 and Q3 of 2014 carry over into 2015; GDP grew at an average of 4.8% in Q2 and Q3 of 2014. Pending Home Sales posted slightly better than expectations, up +1.1% in March with February revised up from 3.1% to 3.6%. Treasuries sold-off this morning following the disappointing GDP estimate and the curve has bear steepened with 2s10s up 5.3 bps.
 
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/27 No Data - - - - - -  
                   
  04/28 S&P/Case-Shiller US HPI MoM 06:00 Feb - 0.42% 0.57% 0.53%  
                   
  04/28 S&P/Case-Shiller US HPI YoY 06:00 Feb - 4.22% 4.47% 4.41%  
                   
  04/29 MBA Mortgage Applications 04:00 Apr 24 - -2.30% 2.30% -  
                   
  04/29 GDP Annualized QoQ 05:30 1Q A 1.00% 0.20% 2.20% -  
                   
  04/29 Pending Home Sales MoM 07:00 Mar 1.00% 1.10% 3.10% 3.60%  
                   
  04/29 FOMC Rate Decision 11:00 Apr 29 0.25% - 0.25% -  
                   
  04/30 Initial Jobless Claims 05:30 Apr 25 290K - 295K -  
                   
  04/30 Continuing Claims 05:30 Apr 18 2300K - 2325K -  
                   
  04/30 Personal Income 05:30 Mar 0.20% - 0.40% -  
                   
  04/30 Personal Spending 05:30 Mar 0.50% - 0.10% -  
                   
  04/30 Chicago PMI 06:45 Apr 50.0 - 46.30 -  
                   
  05/01 Markit US Manufacturing PMI 06:45 Apr F 54.20 - 54.20 -  
                   
  05/01 Construction Spending MoM 07:00 Mar 0.40% - -0.10% -  
                   
  05/01 ISM Manufacturing 07:00 Apr 52.00 - 51.50 -  
                   
 
 
 
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(844) 732-6632
 
 
 
 
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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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