Mortgage rates are rising and the number of new mortgages being issued by the federal government is at a record high, according to data released Friday by the Federal Reserve Bank of New York.
The number of people signing up for a mortgage increased by nearly 50,000 in March, the data showed, which could help explain why the economy is growing more slowly.
But it also raises questions about the economic outlook.
Fed officials expect the economy to grow by 3.2 percent in the second quarter, the most since 2006.
The Fed said Thursday that economic growth is likely to remain weak until at least the second half of the year.
The economic recovery that started in late 2014 is slowing in some ways, but economists say it could continue to grow.
The unemployment rate has fallen to 5.6 percent from 6.3 percent a year earlier.
Unemployment benefits have risen to a record low, and Americans are also benefiting from the latest jobs numbers.
But they’re not keeping pace with the cost of living.
Median household income is $52,819, the lowest since 2007, according the latest data from the U.S. Census Bureau.
About 37 percent of households have incomes below $25,000, according a report from the nonpartisan Congressional Budget Office.
That’s far below the 47.5 percent that was reported in 2016, when the unemployment rate was 7.8 percent.
Some of the decline in the price of housing could be a reflection of lower interest rates.
The median home value rose 2.5% last month, while the average monthly payment on a home rose 1.5%, the CBO report said.
The average monthly mortgage payment rose 2% last year, while total mortgage debt grew 2.7%.
And many of the jobs that were created in the economy last year were created at the expense of others.
About 10.5 million people were unemployed in March — the lowest rate since August 2007, when President Donald Trump took office.
That was after the unemployment rates hit record highs during the Great Recession, which lasted from 2007 to 2009.
Some experts are predicting the economy will slow down in the coming months.
But the number and pace of jobs will continue to rise as the economy recovers from the recession, the CBO said.
For more on the economic situation in the United States, watch the video above.