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Market Commentary

Market Commentary

September 24, 2014
10-YEAR NOTES   98-19 (+00) 2.537%
FN 3.5% COUPON   102-03.5 (+00)
SUPPORT   2.660%
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MBA Mortgage Applications fell -4.1% in the week ending September 19th following a +7.9% gain the week prior. Purchases edged down -0.3% vs. +4.8% prior (-15.6% YoY) and Refinancing slipped -7.0% vs. +10.3% prior (-31.3% YoY). The average interest rate for a 30-Year conforming loan rose +3 bps to 4.39%. New Home Sales for July posted lower than expected coming in at 412K, and for August expectations are for an advance to 430K (+4.4% MoM). Treasuries are holding on to yesterday’s 2:00 PM (PDT) close levels and the curve has slightly bear steepened with 2s10s up +0.7 bps

There is a 5-Year note auction today at 10:00 AM (PDT).

This Week's Events:

09/24 MBA Mortgage Applications 04:00 September 19 - -4.1% 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.