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.
Mortgage applications rose during week ending 10/11, but applications for purchase money dropped, association said.
In South Florida, 69% of all home sales this summer were cash, with a statewide rate of 66% according to data from RealtyTrac.
Mortgage Bankers Association says 25% of home sales currently are cash deals.
Panel agrees continued involvement from credit union executives is essential.
The $776 million St. Mary’s Bank of Manchester, N.H., recently named Nancy Boilard its indirect business development officer. Boilard will work to increase the nation’s first credit union’s indirect lending portfolio, developing new contacts and maintaining current relationships with participating dealers. Boilard most recently was indirect lending manager at the...
From East and West, Midwest and South, credit union people in the news.
Applications for both new and refinanced mortgage loans continue to drop, according to the Mortgage Bankers Association.
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.
Trade group says data show lending standards are tightening.