Mortgage Debt in U.S. Hits a Record High of $15.8 Trillion in Late 2019

Based on research from Learnbonds.com indicates that U.S. mortgage debt is now the highest since the Great Depression in 2008. The outstanding US mortgage debt which has been growing steadily in recent years hit a record high of $15.8 trillion in Q3 2019. Following the Great Depression, the outstanding mortgage debts steadily declined to hit a low of $13.3 trillion in the third quarter of 2013. However, since the quarter, the debts have been increasing to hit the latest highs of $15.8 trillion in 2019. The data also highlights the outstanding mortgage based on property type and holder. One to four families had debts worth $11,074,883 by close of 2019 Q3. Under this category, the rates have also been on the rise since 2015. The same trend can also be seen under the multi-family residence property. Home mortgages are among the largest component of household debt across the United States. However, the mortgage rates have been low since the last quarter of 2018. The Federal Reserve Bank resorted to lowering the rates in the wake of trade uncertainty which affected the global economic growth.

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