Credit Unions See Q2 Mortgage Growth And Setbacks

The second quarter of 2021 saw credit unions gain more footing in the mortgage market, but overall growth remains minimal. According to the most recent CUNA Mutual Credit Union Trends Report, fixed-rate first mortgage loan balances grew 1.8% in June, faster than 1.3% reported in June 2020. Additionally, credit unions, as of June of this year, have 4.8% of the entire mortgage market, up from 4.5% from last year. However, the year-to-date growth comparison showed a 5.6% growth rate during the first half of 2021, which was down compared to 8.1% in 2020.

As the summer draws to a close, demand for mortgages has gone down, despite interest rates for mortgages decreasing. At the same time, the housing market as a whole is still dealing the issues of affordability and supply. Moving forward, credit unions should expect to see more potential homebuyers looking for more lower-priced housing options, and in turn, affordable mortgages. The Loan Lead Generator can make it easier for those homebuyers to start the mortgage application process on your credit union’s website or Facebook page!

Credit Unions See Q2 Mortgage Growth And Setbacks

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