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Market Commentary

Market Commentary

Today's Market Commentary
August 6, 2013
10-YEAR NOTES   92-11 (-1) 2.645%
FN 3% COUPON   100-26 (flat)
SUPPORT   2.85%
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Trade Balance came in at -34.2 billion vs. -43.5 billion expected. 

Overnight, another quiet session inAsia which saw the RBA cut rates 25 bps to 2.5%. In LondonTreasuries leaked higher in yield and we are opening the U.S. session lower in price. Mortgages continue to trade well, putting in an impressive performance again yesterday in which they tightened 5-6 tics vs. duration hedges. The technicals continue to favor MBS as the Fed is taking out more bonds than originators can make at these rate levels. In terms of the market, it has been very quiet with little news and many investors on vacation (or wishing they were). This leaves the market firmly in the recent range with supply coming in over the next three days.

At 11:00 AM EST there is a UST buyback in the 5/18-4/19 sector and at 1:00 PM EST there is a $32 billion 3-Year note auction.

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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.