fbpx Accept-Encoding: deflate, gzip

The New York Fed’s 3rd quarter report on household debt shows a .5% increase to 12.35 trillion. Led by gains in auto, credit card and student debt, essentially the usual suspects, student and auto debt both hit record highs. Mortgage debt declined during the 3rd quarter. Delinquency rates increased fractionally to a still quite low 4.9% or 609 billion in Dollar terms. Overall credit quality is deteriorating whilst delinquency rates are increasing, though neither to alarming levels as the recent wage gains help to hold off the inevitable.

The Mortgage Bankers Association or MBA reports that mortgage activity fell 9.4% last week as refis plunged 16.2% and purchase apps slipped .2%. The 30-year contract rate for a conforming loan increased to 4.23%.


Enjoy this blog? Please spread the word :)