The amount of money that Americans owe to mortgage lenders rose to the highest level in more than four years during the first quarter, according to a new report from the Federal Reserve Bank of New York.
The New York Fed’s Quarterly Report on Household Debt and Credit, released Tuesday, showed that the nationwide total of mortgage debt rose by $120 billion from the fourth quarter of 2015 to the first quarter of 2016, to a total of $8.37 trillion.
Read Full Article [Source: Housingwire.com]
