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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.310%  
  Support   1.518%  
  Resistance   1.279%  
  FN 2.5% Coupon   103.687 (-0.0312)  
     Wednesday, August 25, 2021

Stocks, Futures Moves Gradually, Dollar Gains, MBA Mortgage Applications Rises

The Market opened today's session with treasuries lower across all maturities. The 10-year Treasury yield is currently at 1.3036, 1.01 bps higher than prior closing of 1.2935.

U.S. futures and stocks in Europe were steady as a rebound in shares of Chinese technology companies stalled and investors are awaiting the Federal Reserve’s Jackson Hole policy meeting on Friday. Contracts on the S&P 500 and Nasdaq 100 fluctuated whereas the Stoxx Europe 600 index was little changed. The dollar gained against major currencies. Oil continues to increase after the biggest two- day gain since November. Orders placed with U.S. factories for business equipment remained unchanged in July after increasing in the previous four months. MBA mortgage applications index rose 1.60% in the week ended August 20. Purchases were up 3.0% whereas Refinances increased 0.9%. Average 30-yr fixed rate was 3.03%. The numbers on U.S. GDP and initial jobless claims are due on Thursday.

The curve has bear-flattened with the UST 10-Year yield up 1.01 bps.

This Week's Events
  08/23 Chicago Fed Nat Activity Index 05:30 Jul 0.12 0.53 0.09 -0.01  
  08/23 Markit US Manufacturing PMI 06:45 Aug P 62.00 61.20 63.40 -  
  08/23 Markit US Services PMI 06:45 Aug P 59.20 55.20 59.90 -  
  08/24 Richmond Fed Manufact. Index 07:00 Aug  24.00 9.00 27.00 -  
  08/24 New Home Sales 07:00 Jul 697k 708k 676k 701k  
  08/25 MBA Mortgage Applications 05:00 20-Aug - 1.60% -3.90% -3.90%  
  08/25 Durable Goods Orders 05:30 Jul P -0.30% -0.10% 0.90% 0.80%  
  08/26 GDP Annualized QoQ 05:30 2Q S 6.70% - 6.50% -  
  08/26 Initial Jobless Claims 05:30 21-Aug 350k - 348k -  
  08/27 PCE Deflator YoY 05:30 Jul 4.10% - 4.00% -  
  08/27 PCE Deflator MoM 05:30 Jul 0.40% - 0.50% -  
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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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