The mortgage debt rose 1.9 percent this past quarter as the housing market continues to soar coming out of the pandemic.
Mortgage debt on consumer credit reports had increased by 1.9 percent, or $207 billion, during the second quarter of 2022, according to data released Tuesday by the Federal Reserve Bank of New York.
The data showed that mortgage debt now stands at $11.39 trillion at the end of June compared to $10.44 trillion four quarters ago. Additionally, the balance is now $2 trillion higher than it was at the end of 2019, right before the coronavirus pandemic.
The debt of home equity lines of credit (HELOC) had also increased by $2 billion, an increase in credit after many years of declining debt. The Fed data showed the HELOC debt is now at $319 billion.
The Fed’s press release stated that $758 billion of newly originated mortgage debt was also…
