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Mortgage Debt Tops Record $10 Trillion

Mortgage News > Mortgage Debt Tops Record $10 Trillion
Date: 11/17/2020    Mortgage Debt Tops Record $10 Trillion

Aided by rock-bottom interest rates, the U.S. housing market reached a new milestone: total American mortgage debt hit a record high of $9.86 trillion in the third quarter, according to the Federal Reserve Bank of New York. The total value of new mortgages, including home purchase loans and refinances, rose to $1.05 trillion. While the debt load is higher than ever, the silver lining is that the share of borrowers with credit scores above 760 is also at its peak.

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