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Whither Mortgages?

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Abstract

Our most recent Quarterly Report on Household Debt and Credit showed that although total household debt has increased somewhat since 2012, that growth has been driven almost entirely by nonhousing debt?credit cards, auto loans and student loans. The largest category of household debt?mortgages?has been essentially flat since 2012, in spite of a substantial rise in housing prices over that period. In this post, we explore the sources of the sluggish growth in mortgage debt using our New York Fed Consumer Credit Panel, which is based on Equifax credit data.

Suggested Citation

  • Andrew F. Haughwout & Donghoon Lee & Joelle Scally & Wilbert Van der Klaauw, 2016. "Whither Mortgages?," Liberty Street Economics 20160222, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87104
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    More about this item

    Keywords

    household finances; housing; mortgages; saving;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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