NY Fed Says Total Household Debt Rises 1.1% In Q1 To $17.69T; Q1 Mortgage Balances Rise $190B To $12.44T; Q1 Credit Card Balances Fall $14B To $1.12T; Q1 Credit Card Balances 13.1% Over Year Ago Level; Q1 Auto Loans Up $9B To $1.62T; Q1 Mortgage Origination Pace Matches Last Three Quarters; Q1 Total Borrowing Delinquency Rate At 3.2% Vs. 3.1% In Q4 2023; Total Delinquency Rate Still Lower Than Pre-Pandemic Level; Delinquency Transition Rate Rose Across All Credit Types
Portfolio Pulse from Benzinga Newsdesk
The NY Fed reported a 1.1% increase in total household debt to $17.69T in Q1, with mortgage balances rising $190B to $12.44T. Credit card balances fell $14B to $1.12T, yet are 13.1% higher than the previous year. Auto loans increased by $9B to $1.62T. The pace of mortgage origination remained steady, while the total borrowing delinquency rate slightly increased to 3.2% from 3.1% in Q4 2023, still below pre-pandemic levels. Delinquency rates rose across all credit types.
May 14, 2024 | 3:03 pm
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NEUTRAL IMPACT
The NY Fed's Q1 report on rising household debt and mixed delinquency rates may influence investor sentiment towards the broader economy, potentially impacting SPY as it reflects the market's performance.
The report's mixed signals—increased household debt and a slight rise in delinquency rates, yet below pre-pandemic levels—may lead to cautious optimism among investors. SPY, mirroring the S&P 500, could see short-term fluctuations as investors digest these economic indicators.
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