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Market Commentary

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Market Commentary


Wednesday
November 12, 2014
10-YEAR NOTES   100-11 (+06)
2.337%
FN 3.5% COUPON   103-06 (+03)
SUPPORT   2.42%
RESISTANCE   2.00%
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Last week’s MBA Mortgage Applications fell, for the third consecutive week, down -0.9% (-19.2% YoY) vs. -2.6% prior and -6.6% in the week ending October 24th. Purchases rose +1.1% vs. +2.6% prior (-11.1% YoY), Refinancing fell -1.9% vs. -5.5% prior (-23.4% YoY) and the average interest rate for a conforming conventional loan rose +2 bps to 4.19% (4.44% a year ago). August Wholesale Inventories increased by +0.7% against a sharp -0.7% decline in sales. The mismatch drove the stock-to-sales ratio up to 1.19 from 1.17 for, the highest reading since February. September Wholesale Inventories is expected to edge up +0.2% against a -0.1% dip in Sales. The curve has bull flattened with 2s10s down -0.2 bps.

There is a 10-Year note auction at 10:00 AM (PST).

This Week's Events:

DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
11/12 MBA Mortgage Applications 04:00 November 7 - -0.9% -2.6% -
11/12 Wholesale Inventories MoM 07:00 September 0.2% - 0.7% -
11/13 Initial Jobless Claims 05:30 November 8 280K - 278K -
11/13 Continuing Claims 05:30 November 1 2347K - 2348K -
11/13 Monthly Budget 11:00 October -$114.0 Billion - - -
11/14 Retail Sales Advance MoM 05:30 October 0.2% - -0.3% -
11/14 Import Price Index MoM 05:30 October -1.5% - -0.5% -
11/14 Import Price Index YoY 05:30 October -1.6% - -0.9% -

 

 

 
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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.