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Market Commentary


 
Today's Coupons
 
  10-Year Notes   101-08.5 (-08)  
 
  FN 3.5% Coupon   102-30 (-02)  
 
  Support   2.256%  
 
  Resistance   2.120%  
 
 
 
 
Wednesday, June 28, 2017
 
 
Treasuries are lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.238% after closing at 2.206% prior.

This morning we received the MBA Mortgage Applications for the week that ended on June 23rd, which fell 6.20% after rising 0.60% in the week prior. Purchase applications dropped 4.10% after falling 1.00% the week prior, and refinancing activities fell 8.60% after rising 2.10% the week prior. We also received the Advance Goods Trade Balance for May, which showed that the deficit narrowed to $65.90 from a downwardly revised $67.10 Billion deficit in April. Advance reading on Wholesale Inventories for May came in better than expected at 0.30% versus 0.20% per consensus. Lastly, the Pending Home Sales for May unexpectedly dropped 0.80% versus an expected rise of 1.00% per consensus.

Later today at 8:30 AM (PT), Treasury will auction $13 Billion of new 2-Year Floating Rate Notes, and then at 10:00 AM (PT), Treasury will auction $28 Billion in new 7-Year Notes.

The curve has bear-steepened with the UST 10-Year up 3.2 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  06/26 Durable Goods Orders 05:30 May P -0.60% -1.10% -0.80% -0.90%  
                   
  06/26 Chicago Fed Nat Activity Index 05:30 May 0.20 -0.26 0.49 0.57  
                   
  06/26 Durables Ex Transportation 05:30 May P 0.40% 0.10% -0.50% -  
                   
  06/26 Dallas Fed Manf. Activity 07:30 Jun 16.00 15.00 17.20 -  
                   
  06/27 S&P CoreLogic CS 20-City MoM SA 06:00 Apr 0.50% 0.28% 0.87% 0.53%  
                   
  06/27 S&P CoreLogic CS 20-City YoY NSA 06:00 Apr 5.90% 5.67% 5.89% 5.88%  
                   
  06/27 Richmond Fed Manufact. Index 07:00 Jun 5.00 7.00 1.00 -  
                   
  06/28 MBA Mortgage Applications 04:00 23 Jun - -6.20% 0.60% -  
                   
  06/28 Wholesale Inventories MoM 05:30 May P 0.20% 0.30% -0.50% -0.40%  
                   
  06/28 Pending Home Sales MoM 07:00 May 1.00% -0.80% -1.30% -1.70%  
                   
  06/29 GDP Annualized QoQ 05:30 1Q T 1.20% - 1.20% -  
                   
  06/29 Personal Consumption 05:30 1Q T 0.60% - 0.60% -  
                   
  06/29 GDP Price Index 05:30 1Q T 2.20% - 2.20% -  
                   
  06/29 Core PCE QoQ 05:30 1Q T 2.10% - 2.10% -  
                   
  06/29 Initial Jobless Claims 05:30 24 Jun 240k - 241k -  
                   
  06/29 Continuing Claims 05:30 17 Jun 1934k - 1944k -  
                   
  06/29 Bloomberg Consumer Comfort 06:45 25 Jun - - 49.40 -  
                   
  06/30 Personal Income 05:30 May 0.30% - 0.40% -  
                   
  06/30 Personal Spending 05:30 May 0.10% - 0.40% -  
                   
  06/30 PCE Deflator MoM 05:30 May -0.10% - 0.20% -  
                   
  06/30 PCE Deflator YoY 05:30 May 1.50% - 1.70% -  
                   
  06/30 PCE Core MoM 05:30 May 0.10% - 0.20% -  
                   
  06/30 PCE Core YoY 05:30 May - - - -  
                   
  06/30 U. of Mich. Sentiment 07:00 Jun F - - - -  
                   
 
 
 
 
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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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