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Market Commentary



 
Today's Coupons
 
  10-Year Notes   1.295%  
 
  Support   1.573%  
 
  Resistance   1.307%  
 
  FN 2.5% Coupon   103.422 (-0.047)  
 
 
 
 
  Friday, July 23, 2021
 
 

U.S. Future Increases, Dollar Gains, Enhanced Assistance to Stem Foreclosures

 
 
The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.2964, 1.81 bps higher than prior closing of 1.2783.

U.S. equity futures increased as the investors are optimistic about the earnings which is moving global stocks back toward all-time highs despite growing concern about the spread of coronavirus variants. Contracts on the S&P 500 and Nasdaq 100 were rallying towards a new peak. The Stoxx Europe 600 witnessed a fourth day of gains. Twitter Inc. and American Express gained due on a strong result. Global stocks are expected to have moderate gains supported by robust earnings and stimulus support. At the same time, there might be resistance to a possible peak in economic growth due to increased restrictions in some nations to curb the spread of delta virus strain. Inflation is expected to increase due to earnings, data and supply shortage. The Biden Administration announced plans to expand aid for mortgage borrowers who have fallen behind on payments during the coronavirus pandemic. According to a White House fact sheet, assistance will be enhanced to homeowners who have been negatively impacted by the pandemic, which will help in cutting some monthly payments by around 25%. The dollar strengthened against major currencies.

The curve has bear-steepened with the UST 10-Year yield up 1.81 bps.

 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  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 0.09 0.29 0.26  
                   
  07/22 Initial Jobless Claims 05:30 Jul 17 350k 419k 360k 368k  
                   
  07/22 Continuing Claims 05:30 Jul 10 3100k 3236k 3241k 3265k  
                   
  07/22 Leading Index 07:00 Jun 0.80% 0.7% 1.30% 1.2%
                   
  07/23 Markit US Manufacturing PMI 06:45 Jul P 62.00 63.1 62.10 -  
                   
  07/23 Markit US Services PMI 06:45 Jul P 64.50 59.8 64.60 -  
                   
  07/23 Markit US Composite PMI 06:45 Jul P - 59.7 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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