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Market Commentary


 
Today's Coupons
 
  10-Year Notes   96-18.5 (-20.5)  
 
  FN 3.5% Coupon   102-15 (-13)  
 
  Support   2.398%  
 
  Resistance   2.184%  
 
 
 
 
Wednesday, November 23, 2016
 
 
     The UST 10-Year yield is at 2.358% this morning after closing at 2.313% yesterday.

    In today’s economic news, MBA released its weekly report on mortgage applications which rose by 5.50% after falling 9.20% the week prior. Purchases were up 18.80% and refis fell 3.10% overall. The average 30-Year fixed rate is now at 4.160% vs. 3.950% the prior week. Orders for Durable Goods, items meant to last a minimum of 3 years, hiked to 4.80% from -0.30% prior, primarily due to an increase in orders for commercial aircraft while Durables Ex Transportation increased only by 1.00% after a 0.20% gain in October.

    Initial Jobless Claims came in slightly higher than expected at 251K from the revised 233K the week prior; which recorded the lowest claims since 1973. New unemployment claims have remained below the 300K mark for 90 consecutive weeks, which not only signals a strong labor market but also it’s the longest streak since 1970.

    Continuing Claims showed an increase this week to 2043K, from the previously revised 1983K as well.

     The curve has bear-steepened with the UST 10-Year 0.45 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 - 5.50% -9.20% -  
                   
  11/23 Durable Goods Orders 05:30 Oct P 1.70% 4.80% -0.30% 0.40%  
                   
  11/23 Durables Ex Transportation 05:30 Oct P 0.20% 1.00% 0.10% 0.20%  
                   
  11/23 Initial Jobless Claims 05:30 19 Nov 250K 251K 235K 233K  
                   
  11/23 Continuing Claims 05:30 12 Nov 2008K 2043K 1977K 1983K  
                   
  11/23 FHFA House Price Index MoM 06:00 Sep 0.60% 0.60% 0.70% -  
                   
  11/23 Bloomberg Consumer Comfort 06:45 20 Nov - 44.80 45.40 -  
                   
  11/23 Markit US Manufacturing PMI 06:45 Nov P 53.50 53.90 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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