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Mortgage Boom Drives Biggest Jump in Household Debt Since 2013
- U.S. household liabilities rose 2.1% in 2nd quarter: NY Fed
- 44% of all U.S. mortgages originated in 12 months through June
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U.S. household debt rose at the fastest pace since 2013 in the second quarter, driven by a mortgage boom as Americans took advantage of low borrowing costs and sought more space to work from home.
Household liabilities climbed $313 billion to $14.96 trillion as of the end of June, a 2.1% rise from three months earlier, the Federal Reserve Bank of New York said in a report published Tuesday.