Household borrowing
In January, the total credit liabilities of households rose 0.3% (+$8.2 billion) to reach $3,043.3 billion, decelerating from December 2024 (+0.4%). Real estate secured debt, composed of both mortgage debt and home equity lines of credit, grew 0.4% (+$9.3 billion) in January 2025. Household mortgage debt increased 0.4% (+$8.9 billion), accelerating in growth from December 2024 on an annualized basis (+4.8% in January 2025; +4.4% in December 2024). In January 2025, the policy interest rate decreased 25 basis points, the sixth consecutive reduction within an eight-month period, ending January at 3.00%.
Contact information
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