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Market Commentary


Wednesday
September 17, 2014
10-YEAR NOTES   98-09.5 (+05)
2.571%
FN 3.5% COUPON   101-22.5 (+02.5)
SUPPORT   2.660%
RESISTANCE   2.200%
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MBA Mortgage Applications rose +7.9% (-17.5% YoY), for the week ending September 12th, the largest weekly increase in three months. Purchases were up 4.8% (-9.6% YoY), refinancing surged +10.3% (-22.5% YoY), and the average interest rate for a conforming 30-Year loan increased +9 bps to 4.36% vs. 4.27% prior. The Consumer Price Index decreased -0.2% in August (+1.7% YoY), the first decline in the all items index since April 2013. The index for all items less food and energy was flat for August; this was the first month since October 2010 that the index did not increase. The NAHB housing market index for August came in at a very solid 55, up 2 points from July, and for September expectations are for another increase to 56. Today the FOMC will release their rate decision and updated guidance statement at 11:00 AM (PDT) and expectations are for another $10 Billion reduction to asset purchases and a flat 0.25% rate decision. Treasuries rallied to session highs following the lower than expected CPI data, and the curve has bull flattened with 2s10s down -2.8 bps.

This Week's Events:

DATE EVENTS TIME (PDT) PERIOD SURVEY ACTUAL PRIOR REVISED
09/17 MBA Mortgage Applications 04:00 September 12 - 7.9% -7.2% -
09/17 CPI MoM 05:30 August 0.0% -0.2% 0.1% -
09/17 CPI YoY 05:30 August 1.9% 1.7% 2.0% -
09/17 NAHB Housing Market Index 07:00 September 56 - 55 -
09/17 Fed QE3 Pace 11:00 September $15.0 Billion - $25.0 Billion -
09/17 FOMC Rate Decision 11:00 September 17 0.25% - 0.25% -
09/18 Jobless Claims 05:30 September 13 305K - 315K -
09/18 Continuing Claims 05:30 September 6 2466K - 2487K -
09/18 Housing Starts 05:30 August 1037K - 1093K -
09/18 Housing Starts MoM 05:30 August -5.2% - 15.7% -
09/18 Building Permits 05:30 August 1040K - 1052K 1057K
09/18 Building Permits MoM 05:30 August -1.6% - 8.1% 8.6%
09/18 Phili Fed 07:00 September 23.0 - 28.0 -
09/19 Leading Index 07:00 August 0.4% - 0.9% -

 

 

 
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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.