U.S. Households’ Mortgage Debt Rises to Four-Year High, Fed Says
- More home-loan debt sends total borrowing to highest since ’09
- Growth slows in auto loans, credit-card balances, student debt
U.S. Housing Looks Solid, Will It Continue?
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Increased mortgage borrowing was behind a 1.1 percent rise in U.S. household debt in the first quarter, with slowdowns in other areas such as credit-card balances and auto loans, according to the Federal Reserve Bank of New York.
Total mortgage debt rose 1.5 percent from the final quarter of 2015 to $8.37 trillion, marking the highest level since the third quarter of 2011, according to the New York Fed’s quarterly report on household debt and credit, released Tuesday. Auto-loan debt rose to a record high of $1.07 trillion in data going back to 2003, but logged the smallest percentage increase since 2012.