Consumer debt has now surpassed $17 trillion, despite a pullback in mortgage demand. This increase came even though new mortgage originations, including refinancings, totaled just $323.5 billion, the lowest level since the second quarter of 2014. The total was 35% lower than in the fourth quarter of 2022 and 62% below the same period a year ago. The increase in Consumer Debt is likely due to higher interest rates and a slowdown in home buying.

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