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From the Desk

This daily newsletter conveniently delivers financial and economic commentary from around the globe, updated FHLB Des Moines advance rates and Bank announcements right to your inbox.

Recent Economic Commentary

Brandon Casey, Member Strategies - 11/20/2024

U.S. stocks are lower Wednesday as investors continue to digest corporate earnings. Both the Nasdaq and S&P 500 were higher on Tuesday, while the DJIA was lower. It was the fourth straight day that the DJIA was lower.

Looking at economic data today, MBA mortgage applications were up 1.7% last week. Both purchase and refinance applications were up 2%. The report also showed that the average interest rate of a conforming 30-year mortgage increased four basis points to 6.90%, the highest level since July 2024.

U.S. Treasury yields are higher this morning, with the 2-year Treasury up 1.9 basis points to 4.29%, the 5-year Treasury yield up 2.2 basis points to 4.27%, and the 10-year Treasury yield up 2.9 basis points to 4.41%. Shorter-term advance rates are lower today, while the rest of the curve is higher.

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