 TITLE: Mortgage Debt Sees Record Growth Despite Pandemic CONTENT: Consumers Increase Individual Mortgage Debt by 2%\n-------------------------------------------------\nIn line with the past decade of overall growth, average individual consumer balances grew in 2020, rising to $208,185, according to Experian data. Unlike the rise in overall debt, individual balances increased at a rate of 2%, which is similar to the annual growth seen over the past decade. Even with the moderate growth, individual mortgage balances are still the highest they have ever been.\nSource: Experian\nAs of 2020, approximately 44% of U.S. consumers have a mortgage. That's unchanged since 2019, according to Experian data. While the slice of the population with a home loan didn't change, average mortgage balances are up, which shows that consumers may be borrowing more than usual.\nHistorically low Federal Reserve rates helped ramp up competition in the housing market during the pandemic, and some homes have been sold above asking price as a result. In September 2020, according to data from homebuying website Zillow, 1 in 5 homes sold above their listing price. This indicates that competition and ample demand may have driven purchase prices up, and in combination with other factors, may explain why average mortgage balances are creeping up. END