Americans’ mortgage debt soars to record $10 trillion
(CNN) - Low-interest rates have helped the U.S. housing market soar.
Last quarter, America’s mortgage debt hit a record high of nearly 10 trillion dollars.
Data shows more people are out buying houses and refinancing their mortgages. At the beginning of this month, mortgage rates fell to a record low - the 12th record low in 2020.
The Federal Reserve Bank of New York released the numbers on Tuesday.
It’s not just home loans that are booming, auto loans are surging as well. Auto loans and leases debt climbed to the highest level on record: 1.3 trillion dollars.
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