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Market Commentary

Market Commentary

October 29, 2014
10-YEAR NOTES   100-19 (-06)
FN 3.5% COUPON   103-12.5 (-04)
SUPPORT   2.32%
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MBA Mortgage Applications reversed three consecutive weeks of advancement last week, posting a -6.6% decline vs. +11.6% prior (-20.1% YoY). Purchases fell -5.0% vs. -4.8% prior (-15.4% YoY) and Refinancing fell -7.4% vs. +23.3% prior (-22.4 YoY). The average rate for a 30-Year conforming mortgage rose +3 bps to 4.13% vs. 4.10% prior. At 11:00 AM (PDT) the Fed is expected to announce the end of QE3 while maintaining the current Fed Funds Rate. While the asset purchase reduction is expected, we watch for wording changes in their statement to hint at when future rate hikes will take place. The curve has bear flattened with 2s10s down -2.2 bps.

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

This Week's Events:

10/29 MBA Mortgage Applications 04:00 October 24 - -6.60% 11.60% -
10/29 Fed QE3 Pace 11:00 October $0 Billion - $15 Billion -
10/29 FOMC Rate Decision 11:00 October 29 0.25% - 0.25% -
10/30 Initial Jobless Claims 05:30 October 25 285K - 283K -
10/30 Continuing Claims 05:30 October 18 2352K - 2351K -
10/30 GDP Annualized QoQ 05:30 3Q A 3.00% - 4.60% -
10/30 Personal Consumption 05:30 3Q A 1.90% - 2.50% -
10/31 Personal Income 05:30 September 0.30% - 0.30% -
10/31 Personal Spending 05:30 September 0.10% - 0.50% -



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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.