Mortgage rates are moving again. The average 30-year mortgage rate has climbed to about 5.99%, while 15-year mortgage rates are around 5.50%. That’s still more than a full percentage point lower than where rates were in early 2025, but the housing market may be facing another potential risk. Steve Eisman, the investor known for predicting the 2008 financial crisis, recently warned about what he calls a “slow brewing scandal” in private credit tied to the life insurance industry. According to Eisman, some firms may be moving billions in liabilities into offshore reinsurance structures that disclose little financial information. In one example cited by investigators, about $7 billion in liabilities were reportedly backed by only around $200 million in real assets. Nothing has broken yet, but analysts say the level of leverage in parts of the credit system may be much higher than it appears. If credit conditions tighten, that could eventually affect lending across the economy, inclu...