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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   98-30 (-04) 2.246%  
  FN 3.5% Coupon   103-07.5 (-03.5)  
  Support   2.480%  
  Resistance   2.190%  
Today's Blurb Wednesday, July 08, 2015
       MBA Mortgage Applications for the week ended July 3rd reversed the prior week’s dip, up +4.6% vs. -4.7% prior. Mortgage Applications are up +22.4% year-over-year. Purchases rose +6.6% vs. -4.1% prior (+31.6% YoY), Refinancing rose +2.7% vs. -5.2% prior, and the average interest rate for a Conforming 30-Year fell -3 bps to 4.23% vs. 4.26% prior (4.32% a year ago). Later today we get the Fed minutes from the June 16-17 Meeting and, while we do not expect any surprises, we look for additional guidance as to the timing of the inevitable rate hike. The ECB adjusted haircuts on collateral accepted by the Bank of Greece for Emergency Lending Assistance (ELA), while they left the cap on ELA unchanged at 88.6 Billion Euros, this effectively makes it harder for Greece’s banks to access emergency loans. Currently Greece has requested a 3-Year bailout program from the European Stability Mechanism (ESM) offering to implement pension and tax reform measures immediately. Treasuries are heading for the fourth straight rally session, the longest run since April. 10-Year notes yield continues to push near resistance, down -3 bps to 2.233% and the curve has bear flattened with 2s10s down -0.6 bps.
This Week's Events
  07/06 ISM Non-Manufacturing Composite 07:00 June 56.40 56.00 55.70 -  
  07/07 Trade Balance 05:30 May -$42.70 Bn -$41.87 Bn -$40.90 Bn -$40.70 Bn  
  07/08 MBA Mortgage Applications 04:00 Jul 3 - 4.60% -4.70% -  
  07/09 Initial Jobless Claims 05:30 Jul 4 275K - 281K -  
  07/09 Continuing Claims 05:30 Jun 27 2250K - 2264K -  
  07/10 Wholesale Inventories MoM 07:00 May 0.30% - 0.40% -  
  07/10 Wholesale Trade Sales MoM 07:00 May 0.90% - 1.60% -  
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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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