Back to top

Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.637%  
  Support   1.527%  
  Resistance   1.282%  
  FN 2.5% Coupon   102.453 (+0.062)  
     Wednesday, October 20, 2021

U.S Futures Climb, MBA Mortgage Applications Fall


The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.6285, 0.87 bps lower than prior closing of 1.6372.

Futures on the S&P 500 were little changed and Nasdaq 100 rose 0.10%. Stocks opened mixed today as twenty-four more U.S companies reported earnings today. Treasury yields and the dollar were weaker. The earnings season seems to take the spotlight away from concerns about stagflation.The White House outlined its Covid-19 plan to vaccinate younger children aged 5-11. The Fed would release its Beige Book report today for their November 2-3 policy meetings. According to the Mortgage Banker’s Association, mortgage applications fell 6.30% last week, led by a 7.10% drop in refinances and 4.90% decline in purchases. The average cost to overdraw a checking account from banks climbed to $33.58 from $33.47 last year. Gold futures rose 1.00% to $1,788.90 an ounce. Bitcoin is trading around $64,000 this morning as the first exchange-traded fund listed in the U.S., debuted as the second-most heavily traded fund on record. MSCI Asia Pacific Index added 0.30% while Japan’s Topix index closed less than 0.10% higher. In Europe the Stoxx 600 Index had gained 0.10% with miners falling as raw material prices eased.

The curve has bull-steepened with the UST 10-Year yield down 0.87 bps.

This Week's Events
  10/18 Capacity Utilization 06:15 Sep 76.40% 75.20% 76.40% 76.20%  
  10/19 Building Permits MoM 05:30 Sep -2.40% -7.70% 6.00% 5.60%  
  10/19 Building Permits 05:30 Sep 1680k 1589k 1728k 1721k  
  10/20 MBA Mortgage Applications 04:00 15-Oct - -6.30% 0.20% -  
  10/21 Initial Jobless Claims 05:30 16-Oct 297k - 293k -  
  10/21 Continuing Claims 05:30 09-Oct 2548k - 2593k -  
  10/22 Markit US Manufacturing PMI 06:45 Oct P 60.50 - 60.70 -  
  10/22 Markit US Services PMI 06:45 Oct P 55.20 - 54.90 -  
Helpful Links
  Visit Us Online   Submit Loan  
  Get Approved   SeeMyLoanStatusTM  
  Download Rate Sheet   Conventional Program Guidelines  
  Price & Lock   Government Program Guidelines  
  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes 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.  
© Sun West Mortgage Company, Inc. All Rights Reserved