Consumer Credit Insights: Home Loans in Third District States

This brief highlights trends in consumer mortgage and home equity line of credit (HELOC) debt in the Third District states of Delaware, New Jersey, and Pennsylvania as of the first quarter of 2025.

Here are some key findings:

• The share of borrowers in Third District states with mortgage debt has declined slightly in recent years, although a higher share of borrowers in Delaware carry mortgage debt than in the United States overall.
• Average inflation-adjusted debt on mortgages has remained relatively stable in the past year. Average mortgage debt was $127,300 in Pennsylvania, $158,800 in Delaware, and $200,400 in New Jersey.
• The share of mortgage borrowers with severely delinquent debt has been on the rise in Third District states and has most recently reached levels not seen since 2020, partly because of the end of pandemic-era mortgage forbearances. Rates of severely delinquent mortgage debt were higher for younger borrowers and those living in low- and moderate-income neighborhoods.
• The share of HELOC borrowers using 75 percent or more of their HELOC limit has been increasing, recently surpassing levels not seen since 2020. More than one-third of HELOC borrowers in Third District states had this high utilization rate.
• In the Williamsport, PA, Dover, DE, and Lebanon, PA, metropolitan areas, over 45 percent of borrowers were using at least 75 percent of their HELOC limit.

This brief uses data from the Consumer Credit Explorer, a user-friendly tool for examining how people across the United States are using credit cards and loans over time. The tool allows users to look at quarterly trends for the whole country, specific states, or regions.