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Market Commentary

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Market Commentary


Friday
May 16, 2014
10-YEAR NOTES   99-30 (-05) 2.510%
FN 3.5% COUPON   102-14.5 (-02)
SUPPORT   2.825%
RESISTANCE   2.450%
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Housing starts picked up in March, albeit less than expected, rising +2.8% following February’s gain of +1.9% (-5.9% YoY). Multifamily starts slipped -3.1% in March following February’s flat reading and overall permits dipped -2.4% following February’s surge of +7.3%. For April, the spring thaw continues with housing starts advancing a noticeable +13.2% jump. The surge can be attributed to multifamily which posted gains of +39.6% while the single-family component edged up +0.8%. Housing permits gained +8.0%. Housing appears to be on a dual track with the multifamily component more positive than the single-family component. The Reuter's/University of Michigan's consumer sentiment index for April was very strong, and for May consensus if 84.5 vs. 84.1 prior. Treasuries are seeing some selling in the belly of the curve following the strong housing starts and building permits data but little change in 2s10s.

Today's Events:

DATE EVENTS TIME (PDT) PERIOD SURVEY ACTUAL PRIOR REVISED
05/16 Housing Starts 05:30 April 980K 1072K 946K 947K
05/16 Building Permits 05:30 April 1010K 1080K 990K 1000K

 

 

 
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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.