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Market Commentary


Wednesday
October 01, 2014
10-YEAR NOTES   99-09.5 (-04)
2.456%
FN 3.5% COUPON   102-16 (+10)
SUPPORT   2.660%
RESISTANCE   2.200%
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MBA Mortgage Applications fell -0.2% for the week ending September 26th, following the prior week’s -4.1% decline. Purchases came in flat vs. -0.3% prior (-10.7% YoY), refinancing fell -0.3% vs. -7.0% prior (-33.6% YoY) and the average rate for a 30-Year conventional conforming loan declined -6 bps to 4.33% vs. 4.39% prior. ADP Employment change was stronger than expected (consensus 205K) at 213K vs. 204K prior and the Markit US Manufacturing PMI consensus is for a half a point slip to 58.5. Treasuries have pressed to session highs following the better than expected ADP Employment report and the curve has bull flattened with 2s10s down -1.3 bps.

This Week's Events:

DATE EVENTS TIME (PDT) PERIOD SURVEY ACTUAL PRIOR REVISED
10/01 MBA Mortgage Applications 04:00 September 26 - -0.2% -4.10% -
10/01 ADP Employment Change 05:15 September 205K 213K 204K 202K
10/01 Markit Manufacturing PMI 06:45 September F 57.90 - 57.90 -
10/01 ISM Manufacturing 07:00 September 58.50 - 59.00 -
10/01 Construction Spending MoM 07:00 August 0.50% - 1.80% -
10/02 Initial Jobless Claims 05:30 September 27 297K - 293K -
10/02 Continuing Claims 05:30 September 20 2425K - 2439K -
10/02 Factory Orders 07:00 August -9.50% - 10.50% -
10/03 Trade Balance 05:30 August -$40.80 Billion - -$40.50 Billion -
10/03 Nonfarm Payrolls 05:30 September 217K - 142K -
10/03 Unemployment Rate 05:30 September 6.10% - 6.10% -
10/03 Markit Services PMI 06:45 September F 58.50 - 58.50 -

 

 

 
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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.