Line graph showing auto loans were flat for credit unions

Mortgage applications fell and new cars moved sideways in August — a headwind for the credit union movement, which has half its balance sheet in those loans.

On Wednesday, the Mortgage Bankers Association reported that its Market Composite Index of mortgage applications for the week ending Sept. 2 fell 0.8% on a seasonally adjusted basis from a week earlier. It was the fourth week in a row of declines in the measure.

On Friday, the U.S. Bureau of Economic Analysis reported that new cars and light trucks sold at a seasonally adjusted annual rate of 13.2 million in August, down from 13.3 million in July and up from 13.1 million in August 2021.

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Jim DuPlessis

A journalist for decades.

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