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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-24.5 (-05.5)  
 
  FN 3.5% Coupon   103-04 (-02.5)  
 
  Support   2.225%  
 
  Resistance   2.103%  
 
 
 
 
Wednesday, June 21, 2017
 
 
Market opened today's session with 10-Year treasury yield at 2.170%, 1.3 bps up from prior closing of 2.157%.

U.S. Treasury yields are slightly higher this morning ahead of today's economic prints and continue to climb as better than expected data was released.

In economic news, MBA mortgage applications index rose for a 3rd consecutive week, increasing by 0.60% in the week ended June 16th after a 2.80% increase the week prior; the week-over-week drop was largely due to a decline in purchase applications. FHA purchases were down 6.50% after a 4.80% drop the previous week and VA refinances fell by 3.50% after a 10.60% hike previously. The average 30-Year fixed rate remains unchanged at 4.130%, the lowest since the week of the presidential elections.

The National Association of Realtors (NAR) released its Existing Home Sales data indicating an increase in May by 1.10% to 5.62M from the previously revised 5.56M the previous month; this increase was higher than the expected 5.55M rise. Sales increased in 3 of the 4 regions with the Midwest down 5.90%. The median home price rose to $252,800 from $247,600 a year ago.

The curve has bear-flattened with UST 10-Year yield up 1.3 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/19 No Data - - - - - -  
                   
  06/20 Current Account Balance 05:30 1Q -$123.80b -$116.80b -$112.40b -$114.00b  
                   
  06/21 MBA Mortgage Applications 04:00 16 Jun - 0.60% 2.80% -  
                   
  06/21 Existing Home Sales 07:00 May 5.55m 5.62m 5.57m 5.56m  
                   
  06/21 Existing Home Sales MoM 07:00 May -0.40% 1.10% -2.30% -2.50%  
                   
  06/22 Initial Jobless Claims 05:30 17 Jun 240k - 237k -  
                   
  06/22 Continuing Claims 05:30 10 Jun 1930k - 1935k -  
                   
  06/22 FHFA House Price Index MoM 06:00 Apr 0.50% - 0.60% -  
                   
  06/22 Bloomberg Consumer Comfort 06:45 18 Jun - - 50.00 -  
                   
  06/22 Leading Index 07:00 May 0.30% - 0.30% -  
                   
  06/22 Kansas City Fed Manf. Activity 08:00 Jun 9.00 - 8.00 -  
                   
  06/23 Markit US Manufacturing PMI 06:45 Jun P 53.00 - 52.70 -  
                   
  06/23 Markit US Services PMI 06:45 Jun P 53.50 - 53.60 -  
                   
  06/23 Markit US Composite PMI 06:45 Jun P - - 53.60 -  
                   
  06/23 New Home Sales 07:00 May 590k - 569k -  
                   
  06/23 New Home Sales MoM 07:00 May 3.70% - -11.40% -  
                   
 
 
 
 
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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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