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Arizona ranks in top 10 for lowest mortgage debt

(Pexels photo)

PHOENIX — Mortgage loan debt increased for the seventh straight quarter, reaching a new high of $9.5 trillion, which is much higher than the peak of the mortgage crisis in 2008.

Despite the continuous increase, Arizona ranked in the top ten states for lowest average mortgage debt, according to Experian.

The average debt in the state increased 1.4% from 2018 to 2019 with a new average of $202,148.

Across the country, the median mortgage debt came in at $202,284. The average 30-year interest rate was listed at 4.37% for the first quarter.

According to the study, Louisiana saw the largest mortgage debt increase from last year with a 4% increase. Texas, Utah, Colorado and Idaho rounded out the top five for the largest increases.

The report also listed that residents in Washington D.C. had the highest mortgage debt out of anybody at $416,848 per borrower. California, Hawaii, Washington and Colorado followed with the next highest debts.

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