Economy

The Federal Housing Finance Agency issued a proposed rule for the Federal Home Loan Bank System that allows the FHFA director to set "reasonable" board compensation.

The $120 million deal is larger than the inaugural transaction from 2023, and includes expandable notes, plus a 36-month revolving period.

The notes can withstand breakeven default levels of 73.38%, 57.8%, 40.71% and 34.17%, respectively. Those levels surpass the loss multiples of its expected 20.7% in cumulative gross defaults.

The Consumer Financial Protection Bureau's nonbank registry to address repeat corporate offenders goes live this week, but some experts have raised concerns about redundancy and costs for nonbanks.

The conforming 30-year fixed rate mortgage rose to 6.12% on Oct. 3.

Mortgage rates being at a two-year low has not moved potential buyers off the sidelines, Freddie Mac says, but Redfin says demand for home tours is up.

The Federal Home Loans Bank System is under pressure to fund more affordable housing and has several proposals that may work in tandem with Vice President Kamala Harris' goal of building three million new units in her first term.

Rising property values continue to buffer mortgagors against negative equity situations, Corelogic said.

Apartment buildings, which make up about 40% of the looming maturities, are at the center of the refinancing wave. Many U.S. owners bought their properties using three-year floating rate loans during the easy money era.

The 30-year fixed rate mortgage fell week-to-week by the largest amount since the start of August and are now almost a percentage point lower than a year ago, according to Freddie Mac.