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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-03.5 (+22)  
 
  FN 3.5% Coupon   103-01 (+11)  
 
  Support   2.419%  
 
  Resistance   2.252%  
 
 
 
 
Wednesday, May 17, 2017
 
 
Treasuries are modestly higher across the curve this morning amid U.S. political turmoil. The UST 10-Year yield is currently at 2.266% after closing at 2.327% prior.

Without any significant economic data releases on our calendar, the market has turned its attention to U.S. political uncertainty, in which President Trump is currently facing the deepest crisis of his presidency upon the surfacing of former FBI director James Comey’s memo showing Trump’s request for Comey to drop an inquiry investigating links between Russia and ex-national security adviser Michael Flynn. The dollar is weaker, stocks are down, and bonds are rallying as a result of this political turmoil.

This morning we received the MBA Mortgage Applications index for the week ending on May 12th, showing that overall application activities fell 4.10% from the previous week. Purchase applications fell 2.70% after rising 1.70% in the week prior, and refinancing activities dropped 5.70% after rising 3.30% in the week prior.

The curve has bull-flattened with the UST 10-Year down 6.1 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/15 Empire Manufacturing 05:30 May 7.50 -1.00 5.20 -  
                   
  05/15 NAHB Housing Market Index 07:00 May 68.00 70.00 68.00 -  
                   
  05/15 Total Net TIC Flows 13:00 May - -$0.70b $19.30b $13.20b  
                   
  05/16 Housing Starts 05:30 Apr 1260k 1172k 1215k 1203k  
                   
  05/16 Housing Starts MoM 05:30 Apr 3.70% -2.60% -6.80% -6.60%  
                   
  05/16 Building Permits 05:30 Apr 1270k 1229k 1260k 1260k  
                   
  05/16 Building Permits MoM 05:30 Apr 0.20% -2.50% 3.60% 3.40%  
                   
  05/16 Industrial Production MoM 06:15 Apr 0.40% 1.00% 0.50% 0.40%  
                   
  05/16 Capacity Utilization 06:15 Apr 76.30% 76.70% 76.10% -  
                   
  05/17 MBA Mortgage Applications 04:00 12 May - -4.10% 2.40% -  
                   
  05/18 Initial Jobless Claims 05:30 13 May 240k - 236k -  
                   
  05/18 Continuing Claims 05:30 6 May 1950k - 1918k -  
                   
  05/18 Philadelphia Fed Business Outlook 05:30 May 18.50 - 22.00 -  
                   
  05/18 Bloomberg Consumer Comfort 06:45 14 May - - 49.70 -  
                   
  05/18 Leading Index 07:00 Apr 0.40% - 0.40% -  
                   
  05/19 No Data - - - - - -  
                   
 
 
 
 
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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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