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Market Commentary


 
Today's Coupons
 
  10-Year Notes   98-08.5 (-08)  
 
  FN 3.5% Coupon   102-10.5 (-05)  
 
  Support   2.463%  
 
  Resistance   2.176%  
 
 
 
 
Wednesday, October 25, 2017
 
 
Treasuries are modestly lower across the curve this morning from yesterday's close. The UST 10-Year yield is currently at 2.457% after closing at 2.420% prior.

Yesterday treasury yields inched higher on solid corporate earnings reports and carried overnight and into the open as the market continued to show confidence in the growth of the economy. This morning we received the Durable Goods Orders for September, which rose above expectations at 2.20% versus 1.00% per consensus. Durables Excluding Transportations rose 0.70% following an upwardly revised 0.70% rise prior. The September Capital Goods Orders Nondefense Ex Air also bested expectations, increasing 1.30% versus 0.30% per consensus. Capital Goods Ship Nondefense Ex Air rose 0.70% following an upwardly revised 1.20% rise prior.

We also received the MBA Mortgage Applications for the week ending on October 20th which fell 4.60% after rising 3.60% the week prior. Purchase applications dropped 6.10% after rising 4.20% prior, while refinancing activities fell 3.00% after rising 3.00% prior. The August FHFA House Price Index rose 0.70% following an upwardly revised 0.40% increase in July. Lastly, the New Home Sales data for September rose 106k to 667k from a revised 561k prior, bringing the New Home Sales MoM to 18.90% after falling 3.60% (revised) prior.

The curve has bear-steepened with the UST 10-Year up 3.7 bps from prior closing.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  10/23 Chicago Fed Nat Activity Index 05:30 Sep -0.13 0.17 -0.31 -0.37  
                   
  10/24 Markit US Manufacturing PMI 06:45 Oct P 53.40 54.50 53.10 -  
                   
  10/24 Markit US Services PMI 06:45 Oct P 55.20 55.90 55.30 -  
                   
  10/24 Markit US Composite PMI 06:45 Oct P - 55.70 54.80 -  
                   
  10/24 Richmond Fed Manufact. Index 07:00 Oct 17.00 12.00 19.00 -  
                   
  10/25 MBA Mortgage Applications 04:00 20 Oct - -4.60% 3.60% -  
                   
  10/25 Durable Goods Orders 05:30 Sep P 1.00% 2.20% 2.00% -  
                   
  10/25 Durables Ex Transportation 05:30 Sep P 0.50% 0.70% 0.50% 0.70%  
                   
  10/25 FHFA House Price Index MoM 06:00 Aug 0.40% 0.70% 0.20% 0.40%  
                   
  10/25 New Home Sales 07:00 Sep 554k 667k 560k 561k  
                   
  10/25 New Home Sales MoM 07:00 Sep -1.10% 18.90% -3.40% -3.60%  
                   
  10/26 Wholesale Inventories MoM 05:30 Sep P 0.40% - 0.90% -  
                   
  10/26 Initial Jobless Claims 05:30 21 Oct 235k - 222k -  
                   
  10/26 Continuing Claims 05:30 14 Oct 1890k - 1888k -  
                   
  10/26 Bloomberg Consumer Comfort 06:45 22 Oct - - 51.10 -  
                   
  10/26 Pending Home Sales MoM 07:00 Sep 0.30% - -2.60% -  
                   
  10/26 Kansas City Fed Manf. Activity 08:00 Oct 17.00 - 17.00 -  
                   
  10/27 GDP Annualized QoQ 05:30 3Q A 2.50% - 3.10% -  
                   
  10/27 Personal Consumption 05:30 3Q A 2.10% - 3.30% -  
                   
  10/27 GDP Price Index 05:30 3Q A - - 1.00% -  
                   
  10/27 Core PCE QoQ 05:30 3Q A - - 0.90% -  
                   
  10/27 U. of Mich. Sentiment 07:00 Oct F - - - -  
                   
 
 
 
 
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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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