US Household Debt Surpasses $17 Trillion, Mortgage Loan Growth Slows.

Total household debt increased by $148 billion (0.9%) to $17.05 trillion in Q1 2023, with mortgage balances rising modestly by $121 billion and credit card balances remaining flat. Mortgage originations, including refinances, dropped sharply to $324 billion, the lowest level seen since 2014. Delinquency rates for credit cards and auto loans increased, approaching or surpassing pre-pandemic levels. The report also highlights the impact of the pandemic-era refinancing boom on mortgage borrowers, who reduced their annual payments by tens of billions of dollars, providing additional funding for spending or paydowns in other debt categories.