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Market Commentary

Market Commentary

September 03, 2014
10-YEAR NOTES   99-12.5 (-07)
FN 3.5% COUPON   102-19.5 (-02.5)
SUPPORT   2.660%
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MBA Mortgage Applications, for the week ending August 29th, rose +0.2% following two consecutive weeks of advancement (+2.8%, +1.4%). Purchases fell -1.5% vs. +2.6% prior, Refinancing rose +1.4% vs. +2.8% prior and the average rate for a 30-Year conforming loan declined by -3 bps from 4.28% to 4.25%. Factory Orders advanced in June, up a higher than expected +1.1%, following May’s downward revised -0.6% decline. June’s gain in Factory Orders can be traced to a large boost in aircraft orders. For July Orders are expected to jump +11%. 10-Year notes declined for a third straight day, pushing yields to the highest in three weeks, as talks about a cease-fire in Ukraine damped demand for the safe haven assets. Today the curve has bear steepened with 2s10s up +2.3 bps with MBS 1-2 ticks tighter to hedges.

This Week's Events:

09/03 MBA Mortgage Applications 04:00 Aug 29 - 0.2% 2.8% -
09/03 Factory Orders 07:00 July 11.0% - 1.1% -
09/04 ADP Employment Change 05:15 Aug 220K - 218K -
09/04 Trade Balance 05:30 July -$42.4 Billion - -$41.5 Billion -
09/04 Jobless Claims 05:30 Aug 30 300K - 298K -
09/04 Continuing Claims 05:30 Aug 23 2510K - 2527K -
09/04 Markit Services PMI 06:45 Aug F 58.5 - 58.5 -
09/04 Markit US Composite PMI 06:45 Aug F - - 58.8 -
09/05 Nonfarm Payrolls 05:30 Aug 230K - 209K -
09/05 Unemployment Rate 05:30 Aug 6.1% - 6.2% -



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This information is provided solely for informational use and is not intended as a trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not liscensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to 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, price, guidelines, fees, costs, terms and conditions are subject to change without notice.