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Market Commentary

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Market Commentary


Monday
December 23, 2013
10-YEAR NOTES   98-22 (-5) 2.902%
FN 3.5% COUPON   99-25 (-2)
SUPPORT   3.00%
RESISTANCE   2.65%
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Christmas is almost here and focus is on the consumer with today’s data on income, spending and confidence. Overnight the curve steepened and mortgage spreads widened 2-3 tics led by the wings. Personal income was weak in October, slipping 0.1 percent, following two very strong months at plus 0.5 percent and now comes in three tenths lower than expected at 0.2% vs. -0.1% prior. Personal spending picked up a bit, as expected, at the beginning of the fourth quarter and continues to rise by two tenths coming in at 0.5% flat to expectations. Consumer Confidence is expected to rise half a percent from 82.5 prior,and with savings down and spending on the rise we could see higher confidence levels.

Happy Holidays Everyone!

Key Events for the week ahead:

DATE EVENTS TIME PERIOD SURVEY ACTUAL PRIOR REVISED
12/23 Personal Income 08:30 November 0.5% 0.2% -0.1% -
12/23

Personal Spending

08:30 November 0.5% 0.5% 0.3% 0.4%
12/23

University of Michigan Confidence

09:55 December F 83.0 - 82.5 -
12/24

MBA Mortgage Applications

07:00 December 20 - - -5.5% -
12/24

Durable Goods Orders

08:30 November 2.0% - -2.0% -1.6%
12/24

Housing Price Index MoM

09:00 October 0.5% - 0.3% -
12/24

New Home Sales YoY

10:00 November 440K - 444K -
12/24

Richmond Fed Manufacturing Index

10:00 December 10 - 13 -
12/25

ChristmasMarket Closed

-   - - - -
12/26 Initial Jobless Claims 08:30 December 21 345K - 379K -
12/26

Continuing Claims

08:30 December 14 2834K - 2884K -

 

 

 

 

 
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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.