Household borrowing
In September, the total credit liabilities of households rose 0.4% (+$10.5 billion) to reach $2,993.1 billion, following a 0.3% increase in August. Real estate secured debt, composed of both mortgage debt and home equity lines of credit, grew 0.4% (+$8.6 billion) in September. Household mortgage debt increased 0.4% (+$8.0 billion), an acceleration compared with August (+0.3%). In September, the policy interest rate decreased 25 basis points to 4.25%.
Non-mortgage loan debt increased 0.3% (+$2.5 billion) in September, following a 0.1% rise in August. In September, outstanding balances on home equity lines of credit increased 0.4% (+$0.7 billion) and credit card debt with chartered banks rose 0.7% (+$0.8 billion). The remaining non-mortgage loan debt categories increased $1.0 billion following a $0.1 billion decrease in August.
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