Lending growth highlighted CUNA’s October Monthly Credit Union Estimates, with credit union loan portfolios on track for the fourth straight year of double digit growth.
The average interest rate on conventional, 30-year fixed-rate mortgage loans of $417,000 or less decreased 12 basis points (bp) to 4.58% in September. The average interest rate on 15-year, fixed-rate loans of $417,000 increased 11 bp to 4.57% in September.
As the housing market continues to flounder in many parts of the country, 21% of homeowners say they owe more on their mortgages than their homes are worth, survey says.
The stalled U.S. economy has not only aggravated the downturn in credit union new vehicle loans, it has put the industry's portfolio of current auto loans at greater risk.
U.S. house prices fell 0.5% on a seasonally adjusted basis from June to July, according to the Federal Housing Finance Agency's monthly House Price Index.