Household borrowing
In August, the total credit liabilities of households rose 0.3% (+$7.7 billion) to reach $2,982.7 billion. Real estate secured debt, composed of both mortgage debt and home equity lines of credit, grew 0.3% (+$7.0 billion). Household mortgage debt increased 3.8% on an annualized basis (+$6.9 billion), a slight acceleration compared with July (+3.3% on an annualized basis). In August, the policy interest rate remained at 4.50%, after decreases in the prior two months.
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