Fannie Mae-No Politics (FNMA): U.S. Mortgage Debt Hits Record, Eclipsin...

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Tuesday, 08/13/2019 8:59:10 PM

Tuesday, August 13, 2019 8:59:10 PM

U.S. Mortgage Debt Hits Record, Eclipsing 2008 Peak

One factor could be homeowners tapping into home equity for cash when they refinance

https://www.wsj.com/articles/u-s-mortgage-debt-hits-record-eclipsing-2008-peak-11565708431

"" Mortgage balances rose by $162 billion in the second quarter to $9.406 trillion, surpassing the high of $9.294 trillion in the third quarter of 2008, the Federal Reserve Bank of New York said Tuesday.

Mortgages are the largest component of household debt. Mortgage originations, which include refinancings, increased by $130 billion to $474 billion in the second quarter. The figures are nominal, meaning they aren’t adjusted for inflation. ""

"" Despite the higher debt loads, Americans appear to be keeping up with their payments. The report found that 95.6% of balances were current, the highest level of the current expansion. ""