U.S. Households Carry $13.4 Trillion in Mortgages as HELOC Balances Post Biggest Rise Since 2005
Updated
Updated · The New York Times · Nov 10
U.S. Households Carry $13.4 Trillion in Mortgages as HELOC Balances Post Biggest Rise Since 2005
3 articles · Updated · The New York Times · Nov 10
Summary
$13.4 trillion in mortgage balances and a $257 billion third-quarter increase did not derail debt payments, with New York Fed data showing U.S. households still broadly meeting monthly obligations.
30-year fixed-rate mortgages remain the main buffer, as millions of homeowners locked in low borrowing costs during the pandemic and have been shielded from higher rates despite years of inflation.
HELOC balances rose $23 billion in Q3—the 18th straight quarterly gain and the largest since 2005—while serious delinquency stayed near 1%, suggesting borrowing is coming from financial strength rather than distress.
$36 trillion in home equity, up from about $18 trillion in 2019, is reinforcing that resilience, though the gains are uneven because housing wealth is concentrated among higher-income households.