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Market Commentary

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Market Commentary


Friday
January 24, 2014
10-YEAR NOTES   99-30.5 (+5) 2.755%
FN 3.5% COUPON   100-25 (+2.5)
SUPPORT   3.00%
RESISTANCE   2.60%
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Yesterday’s Index of Leading Economic Indicators grew a mere 0.1%, following an promising reading in November at +1.0%. The report showed strength in future credit conditions, growth in manufacturing orders, improving stock market conditions and may point to a long awaited rise in borrowing. Conversely, unemployment claims, building permits, consumer expectations and slow economic growth weighed down the Index. The recent string of soft economic data could point to limited stimulus withdrawal by the Fed which should keep interest rates down. MBS continues to underperform today and the curve is bull flattening with 2s10s down 2 bps while 5-Year and 7-Year yields are down 3-4 bps. We have another empty calendar today and should expect little market volatility.

There is a 7-Year Buyback at 11:00 AM EST.

Have a Nice Weekend!

 
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This information is provided solely for informational use and is not intended as a trading or investment advice in any manner whatsoever. Sun West Mortgage Company, Inc. is not liscensed or registered broker or dealer and cannot provide investment strategies or recommendations. This information is provided to 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, price, guidelines, fees, costs, terms and conditions are subject to change without notice.