Mortgage debt is rising despite the fact that mortgage originations for refinances and purchases are trending downward. The Federal Reserve Bank of New York's quarterly household debt report shows an increase in household debt of $266 billion (1.7%) to $15.84 trillion for the first quarter of 2022. But new loan originations – both for home purchases and refinancing of existing mortgages – fell to $859 billion, the lowest since the second quarter of 2020.