Published Date 8/21/2024
Weekly MBA mortgage applications declined last week after a stellar week the week before. Overall apps -10.1% from +16.8%, purchase apps -5.2% from +2.8%, re-finance apps -15.2% after leaping 34.5% the prior week.
Two events this afternoon; Treasury will auction $16B of 20 year bonds at 1 pm ET, at 2 pm the minutes from the July FOMC meeting. The minutes always get focus, this time maybe not so much since the meeting occurred prior to the huge decline in jobs reported in July that rocked markets.
The key data today is the revision from the BLS of job growth from April 2023 to March 2024. The big firms are expecting a reduction of jobs of about 50K a month over the last year, if the revisions, which are preliminary, fall more than the forecasts it should compel the bullish view of a firm labor market to wane. Before the revisions being released today, based on the individual monthly reports the total of job creations was 2.9 million, 240K a month average. If the estimates are correct or worse than estimates, it would clearly suggest the employment sector has been cooling longer than is presently thought.
At 9:30 am the DJIA opened +78, NASDAQ +21, S&P +10. 10 year note at 9:30 am 3.81% unchanged. FNMA 5.5 30 year coupon at 9:30 am +8 bp from yesterday’s close and +8 bps from 9:30 am yesterday; the 6.0 coupon +6 bps and +4 bps from 9:30 am yesterday.
At 1 pm $16B 20 year bond auction.
At 2 pm the FOMC minutes from the July meeting.
Source: TBWS
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
Superior Funding Corporation is a Massachusetts Mortgage Company. Massachusetts Mortgage Lender and Broker License: MC2972, NMLS ID: 2972.
NMLS: 11481
Superior Funding Corporation
343 Washington Street, Newton MA
Company NMLS: 2972
Office: 617-938-3900
Email: rshulman@sfcorp.net
Web: http://sfcorp.net
NMLS: 11481
9/25/2024
At 8:30 am ET this morning the 10 year note at 3.76% +3 bp, MBS prices down...... view more
9/23/2024
In a remarkable turn of events, the US housing market has witnessed a dramatic i... view more
9/18/2024
This afternoon is the widely anticipated FOMC rate cut. It will be the first cut... view more
9/16/2024
As the real estate market continues to challenge buyers with high prices and hef... view more
9/11/2024
August CPI about as expected; month/month +0.2% unch from July, year/year +2.5% ... view more
9/9/2024
As the summer housing market winds down, a new landscape is emerging for both bu... view more
9/4/2024
The 10 year note fell 8 bps, the 2 year note -6 bps; MBS prices gained...... view more
8/28/2024
Today started unchanged in markets, yesterday also essentially unchanged. The fo... view more
8/26/2024
The U.S. housing market has been on a wild ride in 2024...... view more
8/21/2024
The key data today is the revision from the BLS of job growth...... view more