In a report published on Monday, the Federal Reserve Bank of New York said that the total household debt rose by 0.9% in the first quarter to $17.05 trillion.

Key takeaways

"Q1 mortgage originations drop sharply to $324 billion, lowest since Q2 2014."

"Mortgage foreclosure levels were low in first quarter."

"Student loan debt at $1.604 trillion in first quarter amid low delinquency rate."

"Credit card balances flat in first quarter at $986 billion."

"Covid-era mortgage refinancing boom to provide significant support for consumers."

"End of low-rate period creates roadblock for selling homes."

"Credit card, auto loan delinquency rates rose in first."

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.2% on the day at 102.50.