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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.275%  
  Support   1.573%  
  Resistance   1.307%  
  FN 2.5% Coupon   103.812 (-0.094)  
  Wednesday, July 21, 2021

Futures Mixed among Positive Earnings, Dollar Gains, MBA Mortgage Applications Falls

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.2317, 0.99 bps higher than prior closing of 1.2218.

U.S. index futures showed a mixed reaction with a positive corporate earnings taking the focus off from the concern of economic impact of coronavirus. Contracts on the S&P 500 increased  while those on the Nasdaq 100 declined. The stock of  Coca Cola Co. increased more than 3% after reporting strong second quarter sales. Crude oil climbed toward $70 a barrel in New York. The Treasury Department has indicated it would reduce its cash balance to $450 billion by July 31. MBA Mortgage Applications index fell 4.00% in the week ended July 16. Purchases down 6.40% after rising 8.30% in prior week whereas Refinances fell 2.80% after rising 20.40% in prior week. Treasuries slipped and the dollar strengthened against all the major currencies. The numbers on U.S. existing home sales are due on Thursday.

The curve has bear-steepened with the UST 10-Year yield up 0.99 bps.

This Week's Events
  07/20 Building Permits MoM 05:30 Jun 0.70% -5.10% -3.00% -2.90%  
  07/20 Building Permits 05:30 Jun 1696k 1598k 1681k 1683k  
  07/20 Housing Starts 05:30 Jun 1590k 1643k 1572k 1546k  
  07/20 Housing Starts MoM 05:30 Jun 1.20% 6.30% 3.60% 2.10%  
  07/21 MBA Mortgage Applications 04:00 Jul 16 - -4.00% 16.00% -  
  07/22 Chicago Fed Nat Activity Index 05:30 Jun 0.30 - 0.29 -  
  07/22 Initial Jobless Claims 05:30 Jul 17 350k - 360k -  
  07/22 Continuing Claims 05:30 Jul 10 3100k - 3241k -  
  07/22 Leading Index 07:00 Jun 0.90% - 1.30% -
  07/23 Markit US Manufacturing PMI 06:45 Jul P 62.00 - 62.10 -  
  07/23 Markit US Services PMI 06:45 Jul P 64.50 - 64.60 -  
  07/23 Markit US Composite PMI 06:45 Jul P - - 63.70 -  
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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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