Millennials Bear Brunt of Soaring Mortgage Debt While Older Generations Fare Better
• Millennial mortgage debt jumped 20% since end of 2021 due to higher rates and home prices, while Gen X rose less than 10% and Boomers saw no increase • Nearly half of Americans haven't made financial progress in 2 years amid high inflation • Main financial stressors are unknown expenses, family costs, housing, medical bills, and credit card debt • Mortgage rates have dropped recently but are still relatively high compared to pre-pandemic levels • Fed suggests it may continue raising interest rates if stronger economic growth risks higher inflation, which could impact debt