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Market Commentary


 
Today's Coupons
 
  10-Year Notes   100-04.5 (+03.5)  
 
  FN 3.5% Coupon   103-07.5 (+01.5)  
 
  Support   2.245%  
 
  Resistance   2.124%  
 
 
 
 
Wednesday, September 20, 2017
 
 
Treasuries are slightly higher across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.234% after closing at 2.245% prior.

Yesterday treasuries sold off heading into close to extend its losses for the week after some early gains in the morning. Treasuries held steady overnight into this morning's open as investors await the conclusion of the FOMC meeting later today. The market is expecting the Feds to announce their balance sheet normalization plan, and is looking for an indication on whether a third rate hike should be expected later this year.

In economic reports, we received the MBA Mortgage Applications for the week ending on September 15th which dropped 9.70% after rising 9.90% the week prior. Purchase applications fell 10.80% after showing an increase of 10.90% in activities the week prior, and refinancing applications fell 8.50% after rising 8.90% the week prior. We also received the Existing Home Sales for August, which fell to 5.35m from 5.44m prior as sales of previously owned homes declined to a one-year low after a slump in purchases in the Houston area reflected the impact of Hurricane Harvey.

The curve has bull-flattened with the UST 10-Year down 1.1 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  09/18 NAHB Housing Market Index 07:00 Sep 67.00 64.00 68.00 67.00  
                   
  09/18 Total Net TIC Flows 13:00 Jul - -$7.30b $7.70b $5.90b  
                   
  09/18 Net Long-term TIC Flows 13:00 Jul - $1.30b $34.40b -  
                   
  09/19 Housing Starts 05:30 Aug 1174k 1180k 1155k 1190k  
                   
  09/19 Housing Starts MoM 05:30 Aug 1.70% -0.80% -4.80% -2.20%  
                   
  09/19 Building Permits 05:30 Aug 1220k 1300k 1223k 1230k  
                   
  09/19 Building Permits MoM 05:30 Aug -0.80% 5.70% -4.10% -3.50%  
                   
  09/19 Import Price Index MoM 05:30 Aug 0.40% 0.60% 0.10% -0.10%  
                   
  09/19 Import Price Index YoY 05:30 Aug 2.20% 2.10% 1.50% 1.20%  
                   
  09/19 Export Price Index MoM 05:30 Aug 0.20% 0.60% 0.40% 0.50%  
                   
  09/19 Export Price Index YoY 05:30 Aug - 2.30% 0.80% 0.90%  
                   
  09/20 MBA Mortgage Applications 04:00 15 Sep - -9.70% 9.90% -  
                   
  09/20 Existing Home Sales 07:00 Aug 5.45m 5.35m 5.44m -  
                   
  09/20 Existing Home Sales MoM 07:00 Aug 0.20% -1.70% -1.30% -  
                   
  09/20 FOMC Rate Decision (Upper Bound) 11:00 20 Sep 1.25% - 1.25% -  
                   
  09/20 FOMC Rate Decision (Lower Bound) 11:00 20 Sep 1.00% - 1.00% -  
                   
  09/21 Initial Jobless Claims 05:30 16 Sep 300k - 284k -  
                   
  09/21 Continuing Claims 05:30 Sep 1975k - 1944k -  
                   
  09/21 Philadelphia Fed Business Outlook 05:30 Sep 17.10 - 18.90 -  
                   
  09/21 FHFA House Price Index MoM 06:00 Jul 0.40% - 0.10% -  
                   
  09/21 Bloomberg Consumer Comfort 06:45 17 Sep - - 51.90 -  
                   
  09/21 Leading Index 07:00 Aug 0.30% - 0.30% -  
                   
  09/22 Markit US Manufacturing PMI 06:45 Sep P 53.00 - 52.80 -  
                   
  09/22 Markit US Services PMI 06:45 Sep P 55.70 - 56.00 -  
                   
  09/22 Markit US Composite PMI 06:45 Sep P - - 55.30 -  
                   
 
 
 
 
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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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