Credit union members saved less and borrowed more in May for cars and home equity lines of credit, according to CUNA Mutual Group.
It's monthly Credit Union Trends Report showed portfolios ended May with slightly more than $1 billion in total loans, a growth rate of 1.3% from April to May, compared with a 1.2% month-to-month increase a year ago. Growth over 12 months was 9.9%.
Month-to-month growth accelerated for home equity lines of credit, new cars and used cars, while braking on credit cards and business loans. First-lien mortgages, which have been a leading source of loan growth, stalled at an April-to-May growth rate of 0.8%, the same as a year ago. For the year, first-lien mortgages grew 11.4% to $414.5 billion.
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