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The level of mortgage debt Americans are carrying reached a record high in Q3 2019 of $15.8 trillion. According to LearnBonds.com, this is the highest level since the peak of the economic crisis in 2008 when debt levels stood at $14.7 trillion.
Mortgage debt has steadily climbed since the Great Recession. Of total U.S. mortgage debt, $11.1 trillion is debt held on residential properties which was followed by commercial debt of $3 trillion. Low mortgage rates are partially behind the rise in mortgage debt. As rates drop, borrowers can afford to take out bigger loans, thus increasing total debt.
Mortgage rates are expected to remain low throughout 2020 according to a forecast from Fannie Mae. Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.