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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.275%  
  Support   1.518%  
  Resistance   1.279%  
  FN 2.5% Coupon   103.703 (+0.016)  
  Wednesday, August 18, 2021

U.S. Futures Fluctuates Amid Delta Virus Concerns, Housing Starts and MBA Mortgage Applications Fall

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.2700, 0.83 bps higher than prior closing of 1.2617.

U.S. Futures fluctuated as the investors are concerned about the economic recovery due to the fast spreading delta variant of the coronavirus. Contracts on the S&P 500 Index slipped 0.10% whereas Nasdaq 100 futures were little changed. Most of the assets in the market posted small moves as the investors are cautious about the spread of the delta virus variant, the possibility of reduced stimulus support and increased inflation. U.S. housing starts declined more than expected in July. Residential starts declined 7.00% last month to a three-month low. MBA mortgage applications index fell 3.90% in the week ended August 13 after rising 2.80% in the prior week. Purchases declined 0.80% whereas Refinances fell 5.30%. Average 30-yr fixed rate was 3.06%. Oil changed its direction to positive after four-days of decline.

The curve has bear-steepened with the UST 10-Year yield up 0.83 bps.

This Week's Events
  08/16 Empire Manufacturing 05:30 Aug 28.50 18.30 43.00 -  
  08/17 Business Inventories 07:00 Jun 0.80% 0.80% 0.50% 0.60%  
  08/18 MBA Mortgage Applications 04:00 13-Aug - 3.90% 2.80% -  
  08/18 Building Permits MoM 05:30 Jul 1.00% 2.60% -3.90% -5.30%  
  08/18 Building Permits 05:30 Jul 1610k 1635k 1598k 1594k  
  08/19 Initial Jobless Claims 05:30 14-Aug 364k - 375k -  
  08/19 Continuing Claims 05:30 7-Aug 2800k - 2866k -  
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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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