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Market Commentary

Market Commentary


Today's Coupons
  10-Year Notes   1.303%  
  Support   1.600%  
  Resistance   1.396%  
  FN 2.5% Coupon   103.766 (+0.078)  
  Wednesday, July 7, 2021

Market Stabilizes, Mortgage Applications (MBA) Fell 1.8%

The Market opened today's session with treasuries higher across all maturities. The 10-Year Treasury yield is currently at 1.3029, 4.52 bps lower than prior closing of 1.3481.
Markets are stabilizing today after Tuesday's concerns about the new virus variant and global economy outlook. U.S. equity index futures and the Stoxx Europe 600 Index rises as the investors are awaiting the minutes from the Federal Reserve’s last meeting and growth forecast has been increased by European commission. Amid the OPEC+ crisis, the oil prices increased further. The Group of 20 finance ministers and central bankers are meeting in Venice on Friday to discuss issues related to the international economy and global health, and on the efforts geared towards economic recovery. MBA mortgage applications index fell 1.80% in the week ended July 2. Purchase was declined by 1.10% whereas Refinance applications were down 2.30%. FHA purchases were up 0.50% after falling 4.00% in the prior week. The average rate for 30 years fixed was 3.15%. 10-Year Treasury yields fall further today with those on core European bonds.
The curve has bull-flattened with UST 10-Year yield down 4.52 bps.
This Week's Events
  07/06 Markit US Services PMI 06:45 Jun F 64.80 64.60 64.80 -  
  07/06 Markit US Composite PMI 06:45 Jun F - 63.70 63.90 -  
  07/07 MBA Mortgage Applications 04:00 2 Jul - -1.80% -6.90% -  
  07/08 Initial Jobless Claims 05:30 3 Jul 350k - 364k -  
  07/08 Continuing Claims 05:30 26 Jun 3350k - 3469k -  
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  This information is provided solely for informational use and is not intended as an advice for trading or investment purposes 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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