Credit union loans outstanding increased 0.4% in October

Credit union loans outstanding increased 0.4% in October, compared to a 0.5% increase in September of 2023 and a 1.2% increase in October of 2022, according to CUNA’s latest Monthly Credit Union Estimates.  

Home equity loans led loan growth during the month, rising 3.4%, followed by credit card loans (1.3%), adjustable-rate mortgages (1.2%), unsecured personal loans (1.1%), other mortgage loans (0.09%), and used auto loans (0.2%).

On the decline were new auto loans (-0.1%) and fixed-rate mortgages (-0.2%).  

Credit union savings balances decreased -0.6% in October, compared to a 0.6% increase in September of 2023 and a -0.7% decline in October of 2022.