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Market Commentary

Market Commentary

September 23, 2014
10-YEAR NOTES   98-15 (+04) 2.551%
FN 3.5% COUPON   102-01.5 (+03)
SUPPORT   2.660%
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The FHFA House price index rose +0.4% in June, following a +0.2% gain in May (-5.1% YoY) and for July the index disappointed expectations of +0.5%, up a meager +0.1%. The Markit PMI manufacturing index advanced in August to a final 57.9 vs. the mid-month reading of 58.0 and a final July reading of 55.8, and consensus for September is for a slight improvement to 58. The Richmond Fed manufacturing index for August was up +5 points to 12 and consensus for September is for a small decline to 10. Treasuries are advancing for the fourth consecutive day after the U.S. air strikes in Syria and geopolitical tensions in Israel sparked a renewed flow to safe-haven assets. The curve has bull flattened with 2s10s down -1.5 bps.

There is a $29 Billion 2-Year note auction today at 10:00 AM (PDT).

This Week's Events:

09/23 No Data - - - - - -
09/24 MBA Mortgage Applications 04:00 September 19 - - 7.9% -
09/24 New Home Sales 07:00 August 430K - 412K -
09/24 New Home Sales MoM 07:00 August 4.4% - -2.4% -
09/25 Jobless Claims 05:30 September 20 296K - 280K -
09/25 Continuing Claims 05:30 September 13 2440K - 2429K -
09/25 Durable Goods Orders 05:30 August -18.0% - 22.6% -
09/26 GDP Annualized QoQ 5:30 2Q T 4.6% - 4.2% -
09/26 Personal Consumption 05:30 2Q T 2.9% - 2.5% -
09/26 Core PCE QoQ 05:30 2Q T 2.0% - 2.0% -
09/26 University of Michigan confidence 06:55 September F 84.8 - 84.6 -



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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.