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Market Commentary

Market Commentary

December 03, 2014
10-YEAR NOTES   99-21.5 (-00.5)
FN 3.5% COUPON   103-25.5(-02)
SUPPORT   2.42%
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MBA Mortgage Applications fell for the second consecutive week, for the week ending November 28th, down -7.3% vs. -4.3% prior (-11.9% YoY). Purchases advanced +2.5% vs. -4.8% prior (-4.4% YoY), Refinancing declined -13.4% vs. -3.5% prior (-16.3% YoY) and the average interest rate for a conventional conforming loan fell -7 bps to 4.08% (4.51% a year ago). ADP Employment Change disappointed expectations posting 208K vs. 230K prior (consensus 222K), which may point to weakness in Friday’s Nonfarm Payrolls print. Nonfarm productivity growth for Q3 was revised up to +2.3% from the first estimate of +2.0%, and following +2.9% in Q2. Unit Labor Costs had a sizable downward revision to -1.0% from the first estimate of +0.3%, and following +3.7% in Q2. Markit US Services PMI is expected to edge up to 56.5 vs. 56.3 prior and at 11:00 AM (PST) the Fed releases the latest Beige Book. Treasuries have risen to session highs as the market digests the disappointing ADP print and Productivity data. The curve has bear flattened with 2s10s down -0.7 bps.

This Week's Events:

12/03 MBA Mortgage Applications 04:00 November 28 - -7.3% -4.3% -
12/03 ADP Employment Change 05:15 November 222K 208K 230K 233K
12/03 Markit US Services PMI 06:45 November F 56.5 56.2 56.3 -
12/03 Markit US Composite PMI 06:45 November F - 56.1 56.1 -
12/04 Initial Jobless Claims 05:30 November 29 295K - 313K -
12/04 Continuing Claims 05:30 November 22 2318K - 2316K -
12/05 Nonfarm Payrolls 05:30 November 230K - 214K -
12/05 Unemployment Rate 05:30 November 5.8% - 5.8% -



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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.