Mortgage
An overview and advice on managing debt
– There are good and bad debts, with housing mortgage loans generally considered good debts as they help build personal wealth
– The US has over $12 trillion in total mortgage debt
– States like Maryland, Hawaii, Nevada, Texas, and Arizona have the most mortgage debt, while Vermont, Delaware, Wyoming, Connecticut, and Montana have the least
– Utah ranked 14th in mortgage debt in 2023
– Mortgage rates have reached historically high levels in recent years
– Average mortgage debt per household was over $241,000 at the beginning of 2024
– The current 30-year fixed rate mortgage is at 6.87%
– To manage mortgage debts, pay on time, spend only on necessary home expenses, review statements, use emergency savings for unexpected costs, and pay extra when possible.
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