Household Wealth Rises Unevenly While Mortgage Costs Tighten Affordability
Federal Reserve distributional accounts show aggregate household wealth rising through the second quarter, but the gains were concentrated: the least-wealthy half held about $4.28 trillion while the wealthiest 1% held about $60.32 trillion. These are asset-and-liability estimates, not income or spendable cash. At the same time, Freddie Mac’s national 30-year fixed mortgage average reached 7.40% on October 8, up from 6.76% four weeks earlier. The combination explains why financial-asset gains and continued spending can coexist with acute purchase-affordability pressure, especially for households without large portfolios or existing low-rate mortgages.
Article updated Oct 12, 2026, 8:58 AM Pacific
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