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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   97-05.5 (-01.5)  
 
  FN 3.5% Coupon   102-29 (+02)  
 
  Support   2.357%  
 
  Resistance   2.169%  
 
 
 
 
Tuesday, November 22, 2016
 
 
     The UST 10-Year yield is at 2.322% this morning after closing at 2.316% yesterday.

   After a brief rally in the early morning caused by the expectation that OPEC and Russia will announce a freeze in oil production, the market began to slip after better-than-expected economic data released at 7:00 AM (PT).

    Existing Home Sales far exceeded expectations, coming in at 5.60 Million, the highest level since February 2012. The Richmond Fed’s Manufacturing Survey for November, covering the overall business activity for the mid-Atlantic region also came in higher than economist previously forecasted, at 4.00 vs. -4.00 in October. The Fed is scheduled to buy $2.50 Billion in conventional mortgages and $1.30 Billion in GN II mortgages. Treasuries will auction off $34.00 Billion in 5-year notes this morning and another $28.00 Billion in 7-year notes this Wednesday.

     The curve has bear-flattened with the UST 10-Year 0.06 bp up from prior closing.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  11/21 Chicago Fed Nat Activity Index 05:30 Oct 0.00 -0.08 -0.14 -0.23  
                   
  11/22 Richmond Fed Manufact. Index 07:00 Nov 0.00 4.00 -4.00 -  
                   
  11/22 Existing Home Sales 07:00 Oct 5.44 M 5.60 M 5.47 M 5.49 M  
                   
  11/22 Existing Home Sales MoM 07:00 Oct -0.60% 2.00% 3.20% 3.60%  
                   
  11/23 MBA Mortgage Applications 04:00 18 Nov - - -9.20% -  
                   
  11/23 Durable Goods Orders 05:30 Oct P 1.70% - -0.30% -  
                   
  11/23 Durables Ex Transportation 05:30 Oct P 0.20% - 0.10% -  
                   
  11/23 Initial Jobless Claims 05:30 19 Nov 250K - 235K -  
                   
  11/23 Continuing Claims 05:30 12 Nov 2014K - 1977K -  
                   
  11/23 FHFA House Price Index MoM 06:00 Sep 0.60% - 0.70% -  
                   
  11/23 Bloomberg Consumer Comfort 06:45 20 Nov - - 45.40 -  
                   
  11/23 Markit US Manufacturing PMI 06:45 Nov P 53.50 - 53.40 -  
                   
  11/23 U. of Mich. Sentiment 07:00 Nov F 91.60 - 91.60 -  
                   
  11/23 FOMC Meeting Minutes 11:00 2 Nov - - - -  
                   
  11/24 No Data - - - - - -  
                   
  11/25 Wholesale Inventories MoM 05:30 Oct P 0.20% - 0.10% -  
                   
  11/25 Markit US Services PMI 06:45 Nov P 54.70 - 54.80 -  
                   
  11/25 Markit US Composite PMI 06:45 Nov P - - 54.90 -  
                   
 
 
 
 
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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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