America’s mortgage debt continues to escalate, hitting the $13.2 trillion mark, according to an April 30 WalletHub report.
The personal finance website and app indicated that the average U.S. household owes nearly $109,000 in outstanding mortgage balances and that mortgage debt has remained on an upward trend over the past few years.
“Mortgage rates are the highest they’ve been in around a decade, and home prices have seen a meteoric rise in recent years as well,” WalletHub analyst John Kiernan said in the report.
“Even small increases in home prices can lead to thousands of dollars in extra mortgage interest costs for homeowners, so it’s important to choose wisely when deciding where and when to buy a house.”…