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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-31 (+03.5)  
 
  FN 3.5% Coupon   103-05.5 (+02)  
 
  Support   2.209%  
 
  Resistance   2.103%  
 
 
 
 
Thursday, June 22, 2017
 
 
The UST 10-Year yield is at 2.143% this morning after closing at 2.164% yesterday.

Market opened today's session with U.S. Treasury yields lower across the curve. The dollar index is down 0.02% to 97.53 and WTI crude oil prices are up 1.65% to $43.23 per barrel, but remain at their lowest levels in over 7 months.

In economic news, Initial Jobless Claims increased to 241K in the week ended June 17th, from the previously revised 238K. The less volatile 4-week moving average was 245K. Continuing Claims rose 8K to 1944K in the week ended June 10th. Despite the increase in initial and continuing claims, unemployment remains near multi-decade lows, indicative of an unceasingly strong labor market. The April FHFA House Price Index, which measures house price trends at various geographic locations, remained unchanged MoM at 0.70%; YoY prices were up 6.80%. In the week ended June 18th, the Consumer Comfort Index dropped to 49.40 from 50.00 largely due to the Personal Finance Index falling to 57.50 from 59.60, however, the index measuring Economic Expectations increased in June to 52.00 from 49.50.

Later today the Fed is scheduled to purchase $800MM of GNMA II securities. In Fedspeak, Fed Governor Powell will speak at the Senate Banking Committee on Fostering Economic Growth.

The curve has bull-flattened with UST 10-Year yield down 2.1 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 241k 237k 238k  
                   
  06/22 Continuing Claims 05:30 10 Jun 1928k 1944k 1935k 1936k  
                   
  06/22 FHFA House Price Index MoM 06:00 Apr 0.50% 0.70% 0.60% 0.70%  
                   
  06/22 Bloomberg Consumer Comfort 06:45 18 Jun - 49.40 50.00 -  
                   
  06/22 Leading Index 07:00 May 0.30% 0.30% 0.30% 0.20%  
                   
  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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