Credit union loans outstanding increased 0.8% in July

Credit union loans outstanding increased 0.8% in July, compared to a 1.0% increase in June of 2021 and a 0.7% increase in July of 2020—according to CUNA’s latest Monthly Credit Union Estimates. Other mortgage loans led loan growth during the month, rising 1.8%, followed by home equity loans (1.3%), fixed-rate mortgages (1.1%), used auto loans (0.8%), and credit card loans (0.7%).

On the decline during the month were adjustable-rate mortgages (-1.5%), unsecured personal loans (-1.0%), and new auto loans (-0.2%).

Credit union savings balances increased 1.2% in July, compared to a 0.2% increase in June of 2021 and a 1.5% increase in July of 2020. Share drafts led savings growth during the month, rising 2.3%, followed by money market accounts (1.6%), and regular shares (1.0%).

On the decline during the month were one-year certificates (-0.5%) and individual retirement accounts (-0.3%).

 

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