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Market Commentary

Market Commentary

November 05, 2014
10-YEAR NOTES   100-04 (-04) 2.360%
FN 3.5% COUPON   103-06.5 (-01)
SUPPORT   2.32%
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MBA Mortgage Applications declined -2.6% (-19.9% YoY), for the week ending Oct 31st, following a -6.6% dip the week prior. Purchases rose +2.6% vs. -5.0% (-12.6% YoY), Refinancing fell -5.5% vs. -7.4% prior (-23.7% YoY), and the average interest rate for a 30-Year conforming loan rose +4 bps to 4.17% (4.32% a year ago). ADP Employment Change posted higher than expected at 230K vs. 225K prior revised (consensus 220K), this could point to strength in Friday’s Employment report. The ISM non-manufacturing survey for September came in at 58.6 vs. 59.6 in August, and consensus for October is for a slight slip to 58. MBS is opening 2 ticks tighter to treasury hedges (outperform) and the curve has bear steepened with 2s10s up +1.2 bps.

This Week's Events:

11/05 MBA Mortgage Applications 04:00 October 31 - -2.6% -6.6% -
11/05 ADP Employment Change 05:15 October 220K 230K 213K 225K
11/05 Markit Services PMI 06:45 October F 57.1 - 57.3 -
11/06 Initial Jobless Claims 05:30 November 01 285K - 287K -
11/06 Continuing Claims 05:30 October 25 2365K - 2384K -
11/07 Nonfarm Payrolls 05:30 October 232K - 248K -
11/07 Unemployment Rate 05:30 October 5.9% - 5.9% -



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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.