‘Flat’ mortgage market ahead
Rising rates, lack of inventory to hamper growth in 2019.
This year is turning out like most people predicted in the mortgage arena.
Rising interest rates have significantly hampered the mortgage refinance market. The growth of the purchase market can only be as great as the inventory of available homes.
In 2019, we are expecting these trends to continue. Rising interest rates and lack of housing inventory will dictate a flat year for production.
The good news is that credit unions have done a fantastic job of growing their market share. Experian reports that the credit union mortgage market share jumped from 6% in 2015 to 13% in 2017.
To keep this trend going, Credit union leaders need to make sure they’re using all available lending options to assist their members.
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