Repurchase Agreements and Other Secured Borrowings

We pledge certain of our securities as collateral under our repurchase agreements with financial institutions and under our secured borrowing facility with the Federal Home Loan Bank ("FHLB") of Des Moines. Interest rates on our borrowings are generally based on LIBOR plus or minus a margin and amounts available to be borrowed are dependent upon the fair value of the securities pledged as collateral, which fluctuates with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. If the fair value of our pledged securities declines, lenders will typically require us to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as "margin calls." Similarly, if the fair value of our pledged securities increases, lenders may release collateral back to us. As of September 30, 2016, we had met all margin call requirements. For additional information regarding our pledged assets, please refer to Note 7.

Repurchase Agreements

As of September 30, 2016 and December 31, 2015, we had $37.7 billion and $41.8 billion, respectively, of repurchase agreements outstanding. The terms and conditions of our repurchase agreements are typically negotiated on a transaction-by-transaction basis. Our repurchase agreements with original maturities greater than 90 days have floating interest rates based on an index plus or minus a fixed spread. Substantially all of our repurchase agreements were used to fund purchases of agency securities ("agency repo"). The remainder of our repurchase agreements were used to fund temporary holdings of U.S. Treasury securities ("U.S. Treasury repo").

The following table summarizes our borrowings under repurchase agreements by their remaining maturities as of September 30, 2016 and December 31, 2015 (dollars in millions):



	September 30, 2016					December 31, 2015
Remaining Maturity	Repurchase Agreements		Weighted Average Interest Rate		Weighted Average Days to Maturity	Repurchase Agreements		Weighted Average Interest Rate		Weighted Average Days to Maturity
Agency repo:
≤ 1 month	$	17,198	0.72	%	11	$	17,579	0.54	%	14
> 1 to ≤ 3 months	9,318		0.79	%	50	14,283		0.64	%	58
> 3 to ≤ 6 months	3,617		0.90	%	126	3,154		0.61	%	121
> 6 to ≤ 9 months	765		0.85	%	221	589		0.65	%	199
> 9 to ≤ 12 months	615		0.95	%	309	1,201		0.65	%	307
> 12 to ≤ 24 months	1,985		1.09	%	495	1,473		0.73	%	600
> 24 to ≤ 36 months	1,100		1.21	%	926	650		0.81	%	901
> 36 to ≤ 48 months	2,100		1.15	%	1,216	1,300		0.86	%	1,231
> 48 to < 60 months	925		1.23	%	1,559	1,500		0.76	%	1,477
Total agency repo	37,623		0.83	%	199	41,729		0.61	%	173
U.S. Treasury repo:
1 day	45		0.85	%	3	25		—	%	1
Total	$	37,668	0.83	%	198	$	41,754	0.61	%	173

Federal Home Loan Bank Advances

On January 12, 2016, the Federal Housing Finance Agency ("FHFA") released its final rule on FHLB membership, which requires the termination of our wholly-owned captive insurance subsidiary's FHLB membership and repayment of all FHLB advances after a one year period ending in February 2017. As of September 30, 2016 and December 31, 2015, we had $3.0 billion and $3.8 billion, respectively, of outstanding secured FHLB advances, with a weighted average borrowing rate of 0.63% and 0.53%, respectively, and a weighted average remaining term to maturity of 123 and 141 days, respectively, consisting of 30 day and longer-term floating rate advances:



	September 30, 2016					December 31, 2015
Remaining Maturity	FHLB Advances		Weighted Average Interest Rate		Weighted Average Days to Maturity	FHLB Advances		Weighted Average Interest Rate		Weighted Average Days to Maturity
≤ 1 month	$	—	—	%	—	$	1,952	0.47	%	14
> 1 to ≤ 3 months	—		—	%	—	681		0.60	%	84
> 4 to ≤ 6 months	3,037		0.63	%	123	—		—	%	—
13 months	—		—	%	—	1,120		0.58	%	397
Total FHLB advances	$	3,037	0.63	%	123	$	3,753	0.53	%	141

Debt of Consolidated Variable Interest Entities

As of September 30, 2016 and December 31, 2015, debt of consolidated VIEs, at fair value, was $494 million and $595 million, respectively, and had a weighted average interest rate of LIBOR plus 39 and 34 basis points, respectively, and a principal balance of $488 million and $587 million, respectively. The actual maturities of our debt of consolidated VIEs are generally shorter than the stated contractual maturities. The actual maturities are affected by the contractual lives of the underlying agency MBS securitizing the debt of our consolidated VIEs and periodic principal prepayments of such underlying securities. The estimated weighted average life of the debt of our consolidated VIEs as of September 30, 2016 and December 31, 2015 was 5.1 and 4.9 years, respectively.