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Market Commentary

Market Commentary

December 24, 2013
10-YEAR NOTES   98-12.5 (-2.5) 2.939%
FN 3.5% COUPON   99-20.5 (-3)
SUPPORT   3.00%
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It’s Christmas Eve, a time for many traditions: last-minute holiday shopping, time with family and friends, and of course,Economic Data! Looks as though the rise in mortgage rates, this time following the Fed's decision to begin tapering stimulus, is increasingly reducing mortgage activity with MBA Mortgage Applications coming in at -6.3% vs. -5.5% prior. Orders for durable goods rose more than forecast in November (3.5% vs. -2% prior), reflecting broad-based gains that signal U.S. business investment is rebounding after a third-quarter low. Housing price Index rose, as expected, to 0.5% from 0.3% prior. New home sales surged 25.4 percent in October to a very solid 444K (annual rate) and are expected to decline this month to 440K. Overnight we saw a bear steepening in the yield curve with 10-Year yields shooting up 3-4 percent and mortgage spreads are flat to yesterday’s close.

Market Closes at 11:00 AM EST Today.

Merry Christmas Everyone!

Today's Key Events:


MBA Mortgage Applications

07:00 December 20 - -6.3% -5.5% -

Durable Goods Orders

08:30 November 2.0% 3.5% -2.0% -0.7%

Housing Price Index MoM

09:00 October 0.5% 0.5% 0.3% 0.2%

New Home Sales YoY

10:00 November 440K 464K 444K 474K

Richmond Fed Manufacturing Index

10:00 December 10 13 13 -
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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.