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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   1.300%  
  Support   1.518%  
  Resistance   1.279%  
  FN 2.5% Coupon   103.875 (+0.031)  
     Wednesday, September 01, 2021

U.S. Futures Gains, MBA Mortgage Applications Falls

The Market opened today's session with treasuries higher across all maturities. The 10-year Treasury yield is currently at 1.3004, 0.84 bps lower than prior closing of 1.3088.

U.S. equity futures as well as European stocks increased on Wednesday. The Stoxx Europe 600 was in the green after yesterday’s losses. S&P 500 and tech heavy Nasdaq 100 futures gained. Investors are expecting that global central banks will continue to drive economic growth by providing enough stimulus amid rise in the delta variant of coronavirus. Oil increased ahead of an OPEC+ meeting that might result in increase in supply. Treasury yields increased ahead of Job Data due on Friday. Traders will get insights into economic recovery and the Federal Reserve's plan on stimulus after key payrolls data on Friday. MBA mortgage applications index fell 2.40% in the week ended August 27. Purchases were up 0.60% whereas Refinances fell 3.80%. Average 30 years fixed rate was 3.03%.

The curve has bull-flattened with the UST 10-Year yield down 0.84 bps.

This Week's Events
  08/30 Pending Home Sales MoM 07:00 Jul 0.30% -1.80% -1.90% -2.00%  
  08/31 FHFA House Price Index MoM 06:00 Jun 1.90% 1.60% 1.70% 1.80%  
  08/31 S&P CoreLogic CS 20-City MoM SA 06:00 Jun 1.80% 1.77% 1.81% -  
  09/01 MBA Mortgage Applications 04:00 27-Aug - -2.40% 1.60% -  
  09/01 ADP Employment Change 05:15 Aug 625k 374k 330k 326k  
  09/02 Initial Jobless Claims 05:30 28-Aug 345k - 353k -  
  09/02 Continuing Claims 05:30 21-Aug 2808k - 2862k -  
  09/03 Change in Nonfarm Payrolls 05:30 Aug 748k - 943k -  
  09/03 Markit US Services PMI 06:45 Aug F 55.20 - 55.20 -  
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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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