Mortgage debt is on the decline, according to a new report by the New York Federal Reserve Bank. The New York Fed credits the decrease, as well as the fact that fewer Americans are late on their mortgage payments, to an increase in home owners who have refinanced into ultra-low mortgage rates. But despite that, there has been no visible difference in debtors seeking moorcroft debt help, because the economy wasn’t exactly debt-friendly.  

“The continuing decrease in delinquency rates suggests that consumers are managing their debts better,” says Wilbert van Der Klaauw, an economist at the New York Fed. “As they continue to pay down debt and take advantage of low interest rates, Americans are moving forward with rebalancing their household finances.” 

While Americans are getting a better grip over their mortgages, they are doing worse in keeping up with their debts on student loans and home equity lines of credit. Student loan delinquencies grew to 8.9 percent and HELOC delinquencies increased to 4.9 percent in the second quarter. 

Meanwhile, delinquencies on auto loans and credit cards dropped in the second quarter. Mortgage delinquencies dropped to 6.9 percent, according to the report. 

The New York Fed also reported that mortgage originations increased to $463 billion in the second quarter.