The Daily Advisor: April 18, 2024
Three Things To Know Today
1. New Internal Transfer Service | Learn More at Our Upcoming Webinars!
We are launching a new internal transfer service in eBanking this May and are hosting two webinars (May 2 and May 7) to summarize the internal transfer service updates, walk through the new features, and answer questions. Register for the first webinar though the link above and visit the eBanking message center through fhlbc.com to learn more.
2. Community First® April 2024 Newsletter
The April edition of our Community First Newsletter is available! Learn the latest happenings from our Community Investment team, including a feature on our Community First Housing Counseling Resource Program, an Affordable Housing Program (AHP) General Fund update, and increased funding for our Downpayment Plus® (DPP®) program.
3. U.S. Government Accountability Office Releases Report
The U.S. Government Accountability Office (GAO) recently published a report on the actions of the FHLBanks during the spring 2023 bank failures that disrupted the financial markets. The Council of Federal Home Loan Banks, the public voice of the FHLBank System, applauds the findings of the report.
Market Commentary
U.S. Treasuries rallied while equities finished lower. Treasuries posted gains overnight but yields reversed course, briefly edging higher around when markets opened. Treasuries then continued to rally throughout the majority of the trading day and the 20-year bond auction was met with strong demand. Yields edged modestly higher ahead of the close but finished the day 4-8 basis points (bps) lower across the curve.
Mortgage Bankers Association (MBA) mortgage applications rose 3.3% for the week ending April 12, following the prior week's 0.1% increase. Both purchase and refinance activity rose during the week despite a 12 bps increase in the 30-year fixed conventional mortgage rate to 7.13%. The purchase index was up 5.0% while the refinance index was up 0.5% week-over-week.