 TITLE: Mortgage Debt Sees Record Growth Despite Pandemic CONTENT: Mortgage Inquiries Rise Nearly 50% at Onset of Pandemic\n-------------------------------------------------------\nA contributing factor to much of the surge in overall mortgage debt was the increased number of people applying for home loans. In early March 2020, at the onset of the pandemic, consumer inquiries for new mortgage loans spiked by 47% compared with the same period in 2019, according to Experian data.\nNearly a year into the pandemic, it's clear the financial impact was felt differently across various populations. While many consumers lost their jobs or saw their wages reduced and encountered financial hardship, others were able to keep their jobs and even found themselves spending less than before. On top of that, the Personal Saving Rate recorded by the U.S. Bureau of Economic Analysis reached record highs at the onset of the pandemic, most recently (as of December) settling at the highest level since 1975.\nIn combination with the Federal Reserve dropping interest rates in March 2020, consumers whose financial situations were secure, or even improved, during the pandemic appeared to see 2020 as an opportune time to purchase a home.\nFor almost every month in 2020, the number of hard inquiries for new mortgage loans was measurably higher than it was during the same month in the prior year. And while not all these inquiries turned into new loans, the surge in applications reveals a level of eagerness and financial ability that would not normally be expected during a financial downturn. END