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Market Commentary

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Market Commentary


Wednesday
November 19, 2014
10-YEAR NOTES   99-01 (-10) 2.359%
FN 3.5% COUPON   103-10.5 (-05)
SUPPORT   2.42%
RESISTANCE   2.00%
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MBA Mortgage Applications rose +4.9% (-13.3% YoY), for the week ending November 14th, following three consecutive weeks of decline. Purchases jumped +11.7% vs. 1.1% prior (-6.1% YoY), Refinancing rose +0.9% vs. -1.9% prior (-17.3% YoY) and the average interest rate for a conforming conventional loan fell -1 bps to 4.18% (4.46% a year ago). Housing starts for September rebounded +6.3% following a -12.8% drop in August. Housing starts in October were at an annual rate of 1009K (consensus 1025K), for a monthly decline of -2.8%. Building Permits increased 1.5% in September, following a 5.1% drop in August. Building Permits in October were at an annual rate of 1080K (consensus 1040K), for a monthly advance of +4.8%. At 11:00 AM (PST) the Fed releases the FOMC minutes from the October 28th-29th meeting in which they are expected to reinforce the meetings modestly hawkish sentiment. Treasuries are pressing session lows following the mixed housing data and the curve has bull steepened with 2s10s up +0.7 bps.

This Week's Events:

DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
11/19 MBA Mortgage Applications 04:00 November 14 - 4.9% -0.9% -
11/19 Housing Starts 05:30 October 1025K 1009K 1017K 1038K
11/19 Housing Starts MoM 05:30 October 0.8% -2.8% 6.3% 7.8%
11/19 Building Permits 05:30 October 1040K 1080K 1018K 1031K
11/19 Building Permits MoM 05:30 October 0.9% 4.8% 1.5% 2.8%
11/19 FOMC Minutes  11:00 October 28-29 - - - -
11/20 CPI MoM 05:30 October -0.1% - 0.1% -
11/20 CPI YoY 05:30 October 1.6% - 1.7% -
11/20 Initial Jobless Claims 05:30 November 15 284K - 290K -
11/20 Continuing Claims 05:30 November 8 2370K - 2392K -
11/20 Markit Manufacturing PMI 06:45 November P 56.3 - 55.9 -
11/20 Existing Home Sales 07:00 October 5.15 Million - 5.17 Million -
11/20 Existing Home Sales MoM 07:00 October -0.4% - 2.4% -
11/20 Leading Index 07:00 October 0.6% - 0.8% -
11/21 Kansas City Fed Manufacturing Activity 08:00 November 6 - 4 -

 

 

 
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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.