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Market Commentary

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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-24 (-11.5) 2.278%  
 
  FN 3.5% Coupon   102-26 (-04)  
 
  Support   2.370%  
 
  Resistance   2.130%  
 
 
 
 
Today's Blurb Wednesday, December 23, 2015
 
 
       MBA Mortgage Applications rose 7.30% last week following a 1.10% dip the week prior. Purchases rose 4.10% vs. -2.80% prior (+37.10% YoY), Refinancing rose 10.80% vs. 1.40% prior (+14.90% YoY), and the average interest rate for a 30-Year Conventional Conforming loan rose 2 bps from 4.140% to 4.160%. Both Income and Spending posted firm advances in November while inflation remained held down by weakness in the commodity sector. Personal Income and Personal Spending rose 0.30% in November. Personal Income is up 4.40% year-over-year. The savings rate slipped to 5.50% from the prior three-year high of 5.60% in October. The headline PCE Deflator was unchanged in November following a 0.10% rise in October, with the Core up 0.10% in November. The headline PCE Deflator accelerated to 0.40% growth annually from 0.20% in October, for the largest annual gain in 12 months. Core PCE is up 1.30% YoY, unchanged from October. Annual core PCE has remained in a 1.26%-1.35% throughout 2015. Core inflation is likely to remain subdued into next year due to the strengthening dollar coupled with global deflationary pressures transmitted to U.S. import prices. Durable Goods orders showed no growth in November while orders ex-transportation dipped 0.10%. Orders for U.S. capital goods fell for the first time in three months, down 0.40% in November following a 0.60% advance in October (revised). New Home Sales rose 4.30% in November to a 490K annual pace following a revised 6.30% advance in October. Treasuries are moving lower this morning following the durable goods and personal income/spending release and the curve has steepened with 2s10s up 2.3 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  12/21 No Data - -    -  - - -  
                   
  12/22 GDP Annualized QoQ 05:30 3Q T   1.90%  2.00%   2.10% -  
                   
  12/22 Personal Consumption 05:30 3Q T   2.90%   3.00%   3.00% -  
                   
  12/22 GDP Price Index 05:30 3Q T   1.30%   1.30%   1.30% -  
                   
  12/22 FHFA House Price Index MoM 06:00 Oct   0.50%   0.50%   0.80% 0.70%  
                   
  12/22 Existing Home Sales 07:00 Nov   5.35 M  4.76 M  5.36 M 5.32 M  
                   
  12/22 Existing Home Sales MoM 07:00 Nov   -0.20%   -10.50%  -3.40% -4.10%  
                   
  12/22 Richmond Fed Manufact. Index 07:00 Dec  -1.00  6.00  -3.00 -  
                   
  12/23 MBA Mortgage Applications 04:00 18 Dec    -   7.30%   -1.10% -  
                   
  12/23 Personal Income 05:30 Nov   0.20%   0.30%   0.40% -  
                   
  12/23 Personal Spending 05:30 Nov   0.30%   0.30%   0.10% 0.00%  
                   
  12/23 PCE Deflator MoM 05:30 Nov   0.10%   0.00%   0.10% -  
                   
  12/23 PCE Deflator YoY 05:30 Nov   0.40%   0.40%   0.20% -  
                   
  12/23 Durables Goods Orders 05:30 Nov P  -0.60%   0.00%   2.90% -  
                   
  12/23 New Home Sales 07:00 Nov  505K 490K 495K 470K  
                   
  12/23 U. of Mich. Sentiment 07:00 Dec F  92.00 92.60 91.80 -  
                   
  12/24 Initial Jobless Claims 05:30 19 Dec - - - -  
                   
  12/24 Continuing Claims 05:30 12 Dec - - - -  
                   
 
 
 
 
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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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