Household borrowing
Household mortgage debt increased 0.9% to reach $2,040.7 billion in June, a rise of $18.0 billion from May. Compared with June 2021, a strong month of borrowing, mortgages were up 9.6%. This represents the first time that annual growth was below double digits since June 2021. On a seasonally adjusted basis, household mortgage debt grew 0.7% in June, a deceleration from the 0.8% increase recorded in May.
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