According to The Wall Street Journal, Bank of America (BAC) CEO Brian Moynihan said the U.S. housing market is fairly stable, as consumer spending stays solid and the shutdown fails to hinder progress.

Big banks have seen their mortgage banking income decline in recent quarters as refinancing activity fizzles. But Mr. Moynihan said that a decrease in refinancing activity is not indicative of the strength of the overall U.S. housing market. Instead, he said that home purchases, which have grown slightly since the beginning of the year, are what spurs broader economic growth.

He added that he believed the Federal Reserve would keep rates low until the economy starts to show greater signs of growth.

Moynihan also spoke about how the bank has spent more than $40 billion to date putting its legal troubles behind it. He wouldn’t say whether he thinks the government is unfairly “shaking down” big banks with penalties for crisis-era behavior.