Total consumer debt hit a fresh new high in the first quarter of 2023, at just over $17 trillion.
New mortgage originations, including refinancings, totaled just $323.5 billion, the lowest level since the second quarter of 2014.Total consumer debt hit a fresh new high in the first quarter of 2023, pushing past $17 trillion even amid a sharp pullback in home borrowing.
That increase came even though new mortgage originations, including refinancings, totaled just $323.5 billion, the lowest level since the second quarter of 2014. The total was 35% lower than in the fourth quarter of 2022 and 62% below the same period a year ago. Borrowers had used the previously lower rates both to buy new homes and to refinance, the latter seeing a boom that appears to have ended.
Fed data shows that about 14 million mortgages were refinanced during the pandemic period starting in March 2020. Some 64% were considered "rate refinances," or homeowners looking to take advantage of lower borrowing costs. Average savings totaled about $220 per month for those borrowers, according to the New York Fed.
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