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Market Commentary

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Market Commentary


Wednesday
December 10, 2014
10-YEAR NOTES   100-08 (-00.5)
2.221%
FN 3.5% COUPON   103-25.5 (-02.5)
SUPPORT   2.42%
RESISTANCE   2.00%
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MBA Mortgage Applications reversed two consecutive weeks of negative readings with a solid +7.3% jump vs. -7.3% prior (-6.1% YoY). Purchases rose +1.3% vs. +2.5% prior (-4.3% YoY), Refinancing recovered the prior week’s losses, up +13.2% vs. -13.4% prior (-7.1% YoY) and the average interest rate for a 30-Year conforming conventional loan rose +3 bps to 4.11% (4.61% a year ago). Today’s 10-Year note auction is expected to draw the lowest auction yield in 18 months as the outlook for slowing inflation and demand for haven assets fuels investor appetite. Treasuries are mixed this morning and the curve has bear steepened with 2s10s up +0.6 bps with MBS underperforming 2-3 ticks to treasury hedges.

This Week's Events:

DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
12/10 MBA Mortgage Applications 04:00 December 5 - 7.3% -7.3% -
12/10 Monthly Budget Statement 11:00 November -$64.0 Billion - -$135.2 Billion -
12/11 Retail Sales MoM 05:30 November 0.4% - 0.3% -
12/11 Import Price Index MoM 05:30 November -1.8% - -1.3% -
12/11 Import Price Index YoY 05:30 November -2.6% - -1.8% -
12/11 Initial Jobless Claims 05:30 December 6 297K - 297K -
12/11 Continuing Claims 05:30 November 29 2344K - 2362K -
12/11 Business Inventories 07:00 October 0.2% - 0.3% -
12/12 PPI Final Demand MoM 05:30 November -0.1% - 0.2% -
12/12 PPI Final Demand YoY 05:30 November 1.4% - 1.5% -

 

 

 
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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.