That’s the most borrowed in any month this year by a wide margin and confirms other indicators showing the housing market enjoyed a very strong November. The previous highest monthly amount borrowed in mortgages was March with $443 million.
Between November last year and this November, mortgage borrowing rose by $4.263 billion, or 6.74%. That’s faster than the previous year’s 6.19% growth in mortgage borrowing.
Mortgage borrowing in November was 90.7% of total household indebtedness, down marginally from 90.8% a year earlier and 91% in November 1999. Total household indebtedness in November was $74.442 billion.
