The $44 billion Navy Federal is one among many credit unionsseeing a boom in mortgage activity due to falling interestrates.
|The country's largest credit union said it had seen a recordsurge in mortgage applications in the middle part of August, withvolume up 50% since the early part of the month.
|But unlike other credit unions which have seen a sharp rise inapplications to refinance existing loans, Navy Federal reportedthat the mortgage volume is split between refinance applicationsand those to purchase property.
|The credit union attributed the surge in large part to a$2,500 credit toward the closing costs for both purchase andrefinance loans.
|“With mortgage rates again at historical lows, this is a marketfull of opportunity,” said Jack Gaffney, the 3.7-million memberCU's executive vice president for lending.
|“We are proud to offer our members extremely competitive rates.We've added these other specials to help our members take advantageof this unique market, knowing that this is one of the mostimportant investments they will ever make,” Gaffney said.
|The Virginia-based credit union forecast that the recent surgewill wind up lifting mortgage originations at the CU to more than$5 billion, which the CU described as “on par with previous recordyears.”
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