U.S. Households Ramp Up Borrowing Led by Mortgages, Credit CardsBy
Mortgage origination volumes rise to highest since Q3 2007
Student loan and auto loan debt balances hit new record highs
U.S. households increased their borrowing in the final three months of 2016 at the fastest pace in three years, according to the Federal Reserve Bank of New York.
Consumer debt rose by $226 billion, or 1.8 percent, in the fourth quarter, led by a $130 billion increase in mortgage loan balances and a $32 billion increase in credit-card borrowings, the New York Fed said Thursday. The rise brought total consumer debt to $12.58 trillion, just shy of the $12.68 trillion peak in the third quarter of 2008.
New mortgages originated totaled $617 billion, marking the biggest three months for volumes since the third quarter of 2007…
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