Good evening,
Things haven’t looked this poor for mortgages in quite some time; late June! While a pleasant surprise will be welcomed with open arms, the technicals still point to higher interest rates in the near future! The theme of the week has been get your locks in early in the day while they’re still hot! The market has either opened on the up side and faded throughout the day or opened slightly down and continued to fade throughout the day. Industry language for this phenomenon is, “the last trade moves the whole pile”!
Of the economic releases for tomorrow retail sales has the best chance to help reverse our current trend towards higher rates.
Capital Markets
Primary Residential Mortgage, Inc.
1480 North 2200 West| Salt Lake City| Utah| 84116
Toll Free 1.800.255.2792
o Tick 1/32 or .03125
o MBS Mortgage Backed Security
o TBA To Be Announced (MBS with unknown future delivery)
o Spec Specified Pool
The contents in this memo are not an endorsement of any financial products or investments. PRMI assumes no liability, and will not make any recommendations with respect to the purchase or sale of any investment security or its derivatives.
Economic Calendar
Date/Time(Central)
|
Indicator
|
Period
|
Est.
|
Actual
|
Prior
|
Revised
|
9/8/2014 2:00 PM
|
Consumer Credit
|
JUL
|
$17.275B
|
$26.006B
|
$17.255B
|
$18.806B
|
9/10/2014 6:00 AM
|
MBA Mortgage Apps.
|
5-Sep
|
--
|
-7.2%
|
0.2%
| |
9/10/2014 9:00 AM
|
Wholesale Inventories
|
JUL
|
0.5%
|
0.1%
|
0.3%
|
0.2%
|
9/10/2014 9:00 AM
|
Wholesale Trade
|
JUL
|
0.6%
|
0.7%
|
0.2%
|
0.4%
|
9/11/2014 7:30 AM
|
Initial Jobless Claims
|
6-Sep
|
300K
|
315K
|
302K
|
304K
|
9/11/2014 7:30 AM
|
Continuing Jobless Claims
|
30-Aug
|
2490K
|
2487K
|
2464K
|
2478K
|
9/12/2014 7:30 AM
|
Retail Sales
|
AUG
|
0.6%
|
0.0%
| ||
9/12/2014 7:30 AM
|
Retail Sales Ex-Autos
|
AUG
|
0.2%
|
0.1%
| ||
9/12/2014 7:30 AM
|
Import Price Index (MoM)
|
AUG
|
-1.0%
|
-0.2%
| ||
9/12/2014 8:55 AM
|
U of Mich. Consumer Confidence
|
SEP P
|
83.5
|
82.5
| ||
9/12/2014 9:00 AM
|
Business Inventories
|
JUL
|
0.5%
|
0.4%
|
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