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Market Commentary

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Market Commentary


Wednesday
January 29, 2014
10-YEAR NOTES   100-07 (+6.5) 2.724%
FN 3.5% COUPON   101-01.5 (+6)
SUPPORT   3.00%
RESISTANCE   2.60%
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Today the FOMC will make their policy announcement (11:00 AM PST) and while we expect rates to remain unchanged the big issue will be LSAP reduction and any amendments to forward guidance. With the Fed keeping a close eye on the state of the economy, and the recent run of disappointing data, we could see divergence from the projected $10 billion reduction per meeting. The purchase index rose 2% vs. -4% prior and is down 12% YoY. It is likely that the recent dip in mortgage rates is fueling demand for purchases. The average rate for conforming mortgages fell 5 bps this week touching the lowest levels since November. A flatter curve has developed with 2s10s down 1 bps.

“The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability.”

FOMC STATEMENT December 18, 2013.

This Week's Events :

DATE EVENTS TIME PERIOD SURVEY ACTUAL PRIOR REVISED
01/29 MBA Applications 07:00

January 24

- -0.20% 4.70% -
01/29 FOMCDecision 14:00 January 29 0.25% - 0.25% -
01/29 Pace of MBSPurchases 14:00 January 30 Million - 35 Million -
01/29 Pace of TreasuryPurchases 14:00 January 35 Million - 40 Million -
01/30 Jobless Claims 08:30 January 25 330 K - 326 K -
01/30 Continuing Claims 08:30 January 18 3000 K - 3056 K -
01/30 GDP QoQ 08:30 4Q 3.20% - 4.10% -
01/30 Personal Consumption 08:30 4Q 3.70% - 2.00% -
01/30 Pending Home Sales MoM 10:00 December -0.30% - 0.20% -
01/31 Personal Income 08:30 December 0.20% - 0.20%  
01/31 Personal Spending 08:30 December 0.20% - 0.50% -

 

 
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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.