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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   97-13.5 (-24) 2.420%  
  FN 3.5% Coupon   102-18.5 (-14)  
  Support   2.510%  
  Resistance   2.240%  
Today's Blurb Wednesday, July 01, 2015
       MBA Mortgage Applications fell -4.7% last week after rising +1.6% in the week prior. Purchases fell -4.1% vs. +1.2% prior (+13.9 YoY), Refinancing fell -5.2% vs. +1.8% prior (-1.2% YoY), and the average interest rate for a 30-Year Conventional fixed rose from 4.19% to 4.26%. ADP printed above expectations at 237K (consensus 218K) vs. 203K prior; this may point to a strong Nonfarm Payrolls tomorrow. Yesterday Greece defaulted on their payment to the IMF and a last minute effort to reach a deal will surface on July 5th as Greece votes on its currency situation. The referendum will primarily address Greeceā€™s membership in the Euro. The defaulted payment to the IMF now makes Greece ineligible for further disbursements until the arrears are cleared. Treasuries are selling-off this morning as investors hope that Greece will remain in the Euro and in light of the hotter than expected ADP data. The curve has bear steepened with 2s10s up +5.0 bps.
This Week's Events
  06/29 Pending Home Sales MoM 07:00 May 1.00% 0.90% 3.40% 2.70%  
  06/29 Pending Home Sales NSA YoY 07:00 May 11.80% 8.30% 13.40% 12.60%  
  06/30 S&P/Case-Shiller US HPI MoM 06:00 Apr - -0.02% 0.12% 0.15%  
  06/30 S&P/Case-Shiller US HPI YoY 06:00 Apr - 4.23% 4.14% 4.27%  
  06/30 Consumer Confidence Index 07:00 Jun 97.40 101.40 95.40 94.60  
  07/01 ADP Employment Change 05:15 Jun 218K 237K 201K 203K  
  07/01 ISM Manufacturing 07:00 Jun 53.20 53.50 52.80 -  
  07/02 Change in Nonfarm Payrolls 05:30 Jun 230K - 280K -  
  07/02 Unemployment Rate 05:30 Jun 5.40% - 5.50% -  
  07/02 Initial Jobless Claims 05:30 Jun 27 270K - 271K -  
  07/03 Market Closed - - - - - -  
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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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