Although the volume of quarterly home lending has slowed, the balance of outstanding mortgages continued to expand. Loan performance, meanwhile, showed ongoing improvement.
As of March 31, there were $8.94 trillion in U.S. residential loans that were outstanding, according to data reported Thursday by the Federal Reserve Bank of New York.
America’s book of mortgage business grew from the end of last year, when the total was $8.88 trillion. The balance also expanded from $8.63 trillion as of the same date last year.
Delinquency of at least 90 days was 1.1 percent on mortgages,
the same as three months earlier and substantially lower than 1.7 percent one year earlier.
Another $436 billion in home-equity lines of credit were outstanding, The HELOC book was diminished from $444 billion as of year-end 2017 and $456 billion as of March 31, 2017.
HELOC delinquency was 1.0 percent, up from 0.9 percent the prior quarter but sinking from 2.1 percent a year prior.
The Fed said mortgage originations during the first quarter came to $428 billion. Loan production was off from $452 billion in the fourth-quarter 2017.
