From refinancing to new money mortgages but market overall continues to struggle.
Credit unions and other mortgage lenders faced an economic pinch in 2013 as rising interest rates began to squash demand for refinanced mortgage loans while demand for purchase money loans still struggled to grow.
It happened. It took a bit longer than expected, but it happened. After 30 years of declining long-term interest rates in the United States, credit union executives may have witnessed the “bounce off the bottom” in the past few months.
Credit unions and other housing finance lenders face an economic pinch as rising interest rates squash demand for refinanced mortgage loans while demand for purchase money loans still struggles to grow.
A much anticipated gift arrived during the holidays when third quarter data showed credit unions posted their strongest loan performance in history.
For what may be the first time ever, a credit union has become the biggest source of housing finance for a major metropolitan area in the U.S.