Mortgage holders still riding lower interest rates

The amount owed was up 1.2% from $392.6 billion in the first quarter and up 6% from $375.8 billion in the second quarter of last year.

However, the interest paid on the mortgage debt was down 12% on the $4.750 billion owed at the same time last year, even though mortgage rates have been increasing.

New mortgage lending increased to $27.3 billion in the second quarter, up 6.4% from $25.6 billion last quarter and up 1.5% than in the same quarter last year when it sat at $26.9 billion.

The increase in the value of outstanding mortgage lending (net credit growth) during was $4.9 billion