Slight Increase in Mortgage Originations in the Third Quarter


Mortgage originations in the United States rose by 0.4% in the third quarter of 2014 to $337 billion, according to the Federal Reserve Bank of New York. The data was presented in the Quarterly Report on Household Debt and Credit.

In the report, originations are measured based on new mortgage balanced on the credit reports of consumers. Both home purchase loans and refinance loans are included.

The small increase in mortgage originations was the first in four consecutive quarters. Even though the downward trend was reversed, mortgage lending still remains below historical levels. The average origination volume over the past four quarters is the lowest since the beginning of the century.

In the third quarter of 2014, the total volume of mortgage debt held by U.S, households was $8.13 trillion according to the report. It rose by $35 million compared from the second quarter of the year. In the third quarter of this year, mortgage debt was $234 billion higher compared to the same quarter of last year.

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The rate of foreclosure measured by the New York Fed has been following a downward trend since the second quarter of 2009. The report indicated that in the third quarter of 2014, the number of borrowers who had foreclosure action taken against them was 113,000. This is the lowest figure since the New York Fed began to produce its quarterly report.

The mortgage delinquency rate dropped to 3.2% in the third quarter of this year. It went down from 3.4% during the second quarter. It measures the share of home loans which are over 90 days past due.

The total amount of debt of households in the United States rose by $78 billion during the third quarter of 2014 to reach $11.7 trillion. Even though mortgage debt continues to have the largest share, the increase was driven primarily by auto loans, student loans and credit cards.



Mailynne serves as a content strategist and writer for She is ahighly task-oriented strategic planner and experienced writer. Over the past 10 years, Mailynne has managedcontent for both large corporations, non-profits and businesses. She specializes in managing digital marketing,branding and web development content. Mailynne has worked with a variety of local, national and international organizations.


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