An Abundance of Mortgage Debt May Tend to Insulate Households from the Effects of Rising Interest Rates
| Year |
Quarter |
Household Mortgage Debt Percent Share of a Year-Ago Consumer Debt Growth |
Recession? |
| 1989 |
1 |
74.0 |
No |
| 2 |
72.7 |
No |
| 3 |
74.7 |
No |
| 4 |
76.1 |
No |
| 1990 |
1 |
84.0 |
No |
| 2 |
86.3 |
No |
| 3 |
84.8 |
Yes |
| 4 |
87.5 |
Yes |
| 1991 |
1 |
88.8 |
Yes |
| 2 |
91.6 |
No |
| 3 |
92.2 |
No |
| 4 |
94.4 |
No |
| 1992 |
1 |
93.7 |
No |
| 2 |
92.0 |
No |
| 3 |
94.7 |
No |
| 4 |
86.4 |
No |
| 1993 |
1 |
80.6 |
No |
| 2 |
78.5 |
No |
| 3 |
70.9 |
No |
| 4 |
66.9 |
No |
| 1994 |
1 |
65.9 |
No |
| 2 |
60.0 |
No |
| 3 |
56.0 |
No |
| 4 |
52.4 |
No |
| 1995 |
1 |
50.5 |
No |
| 2 |
49.9 |
No |
| 3 |
50.2 |
No |
| 4 |
48.5 |
No |
| 1996 |
1 |
53.0 |
No |
| 2 |
54.6 |
No |
| 3 |
57.8 |
No |
| 4 |
63.5 |
No |
| 1997 |
1 |
65.0 |
No |
| 2 |
66.6 |
No |
| 3 |
73.4 |
No |
| 4 |
72.1 |
No |
| 1998 |
1 |
72.1 |
No |
| 2 |
70.4 |
No |
| 3 |
67.3 |
No |
| 4 |
70.0 |
No |
| 1999 |
1 |
72.4 |
No |
| 2 |
76.6 |
No |
| 3 |
77.3 |
No |
| 4 |
76.8 |
No |
| 2000 |
1 |
74.2 |
No |
| 2 |
71.8 |
No |
| 3 |
68.1 |
No |
| 4 |
64.8 |
No |
| 2001 |
1 |
66.0 |
Yes |
| 2 |
70.2 |
Yes |
| 3 |
74.3 |
Yes |
| 4 |
75.3 |
Yes |
| 2002 |
1 |
78.1 |
No |
| 2 |
79.6 |
No |
| 3 |
82.3 |
No |
| 4 |
86.2 |
No |
| 2003 |
1 |
88.3 |
No |
| 2 |
87.7 |
No |
| 3 |
87.0 |
No |
| 4 |
85.9 |
No |
| 2004 |
1 |
84.8 |
No |
| 2 |
84.4 |
No |
| Source: Federal Reserve |