Personal Finance

The MBA's seasonally adjusted Purchase Index gained 2% for the week ended August 28, reversing the prior week's decline, even as the average 30-year conforming contract rate edged up to 6.79%, its highest in four weeks. Refinance applications tell a different story: volume dropped 1% week over week and sits 19% below the same week a year ago, with refinancing's share of total applications slipping to 41.8%. Unadjusted purchase activity remained essentially flat year over year, down just 0.2%, suggesting the market is holding steady rather than accelerating.

H.R. 10184, introduced August 31 by Rep. Andy Barr with 29 cosponsors, would shift CFPB funding from the Federal Reserve to congressional appropriations, raise the bank supervision asset threshold from $10 billion to $30 billion, and require OMB review of CFPB rules. The bill also narrows the definition of abusive acts or practices and adds a safe harbor for small-dollar loans up to $3,500. The bill has been referred to the House Financial Services Committee and carries an Introduced status, meaning none of its provisions are enacted.

The IRS will permanently shut down its FIRE electronic filing system on November 19, 2026, at 3 p.m. ET, after which IRIS becomes the sole platform for submitting 1099s, 1098s, W-2Gs, and related information returns. Filers need a new, separate IRIS Transmitter Control Code that can take up to 45 business days to process, making immediate application essential. Missing the transition risks per-return penalties ranging from $60 to $340 for late filings, with aggregate caps reaching $4 million for larger organizations.