Mortgage Debt (% GDP)

Total household mortgage liabilities as a percentage of GDP (Federal Reserve Z.1). US residential mortgage debt peaked at ~75% of GDP in 2008 — the direct cause of the Global Financial Crisis — and deleveraged to roughly 48–50% by the mid-2020s. The structural deleveraging of the past 15 years is why this rate cycle has been less immediately destabilising than the 2004–06 era despite higher nominal rates.

This indicator is computed by MacroLab from two FRED series: BOGZ1FL193065005Q divided by GDP, scaled by × 100. Both input series are sourced from the Federal Reserve Economic Data (FRED) database.