Mortgage refinance applications are dropping due to risinginterest rates, which may have a direct impact on fee income atsome credit unions, according to NCUA Chief Economist John Worth'slatest monthly economic update, released Wednesday.
“The sharp rise in mortgage rates has had a profound effect onrefinancing activity,” Worth said in the video, posted on theNCUA's YouTube account.
“The sharp decline in mortgage refinancing will take a toll onrefinancing activity at credit unions,” he said. “This may rein inloan growth and fee income at credit unions with a heavy refifocus.”
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