Credit union loans outstanding increased 0.7% in June, compared to a 0.7% increase in May of 2023 and a 2.3% increase in June of 2022, according to CUNA’s latest Monthly Credit Union Estimates.
Adjustable-rate mortgages led loan growth during the month, rising 2.8%, followed by other mortgage loans (2.3%), unsecured personal loans (1.5%), used auto loans (0.7%), home equity loans (0.7%), other loans (0.7%), fixed-rate mortgage loans (0.3%), credit card loans (0.3%), and new auto loans (0.2%).
Credit union savings balances increased 0.7% in June, compared to a -0.4% decline in May of 2022 and a 0.1% increase in June of 2022. One-year certificates led savings growth during the month, rising 4.2%, followed by share drafts (3.5%), and individual retirement accounts (0.2%).
On the decline during the month were money market accounts declining -1.8%, followed by regular shares (-1.7%).
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