🏡 Household debt surpassed $14 trillion 🏫 Student debt increased to $1.51 trillion 🚗 Auto debt rose to $1.33 trillion 💳 Credit card debt rose to $930 billion
Americans increased their borrowing for the 22nd straight quarter as more households took out loans to buy homes or refinance mortgages, according to a report released Tuesday from the Federal Reserve Bank of New York.
Mortgage borrowing rose by $120 billion to total $9.56 trillion. The rate for a 30-year mortgage has fallen by about 100 basis points over the last year, adding to home purchasers’ buying power. For example, a $500,000, 30-year loan costs about $300 less per month.
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