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Market Commentary

Market Commentary

Today's Coupons
  10-Year Notes   99-14.5 (+01)  
  FN 3.5% Coupon   103-02.5 (00)  
  Support   2.472%  
  Resistance   2.271%  
Wednesday, November 08, 2017
Treasuries are slightly higher across the curve this morning from yesterday’s close. The UST 10-Year yield is currently at 2.310% after closing at 2.315% during the prior session.

Treasury prices held ground through the opening of today’s session as concerns loomed that a potential corporate tax reform may be delayed and ahead of a $23 Billion 10-Year Treasury auction at 10:00 AM (PT) today. Further, Democrats had several wins yesterday; adding a governor and gaining several legislature seats in New Jersey, protecting a governorship change and taking more seats in the lower House than anticipated in Virginia, adding several state legislative seats in Georgia, New Hampshire and Washington, and sweeping several mayoral races. 

The MBA US weekly mortgage application survey for the week ended November 3 released results today with a drop of 0.03% against the prior week, after falling by 2.60% the week before. The average 30-Year fixed rate for the week was 4.180% vs. 4.220% during the prior week. The economic calendar for the remainder of the week includes jobless claims for tomorrow and the University of Michigan consumer sentiment on Friday.

The curve has bull-flattened as the UST 10-Year yield dropped 0.5 bp from prior closing.
This Week's Events
  11/06 No Data - - - - - -  
  11/07 JOLTS Job Openings 07:00 Sep 6075 6093 6082 6090  
  11/08 MBA Mortgage Applications 04:00 3 Nov - -0.03% -2.60% -  
  11/09 Initial Jobless Claims 05:30 4 Nov 232k - 229k -  
  11/09 Continuing Claims 05:30 28 Oct 1885k - 1884k -  
  11/09 Bloomberg Consumer Comfort 06:45 5 Nov - - 51.70 -  
  11/09 Wholesale Trade Sales MoM 07:00 Sep 0.90% - 1.70% -  
  11/09 Wholesale Inventories MoM 07:00 Sep F 0.30% - 0.30% -  
  11/10 U. of Mich. Sentiment 07:00 Nov P 100.90 - 100.70 -  
  11/10 Monthly Budget Statement 11:00 Oct -$50.00b - -$45.80b -  
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  This information is provided solely for informational use and is not intended as trading or investment advice 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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