Mortgages, home equity loans lead CU loan growth in April

Credit union loans outstanding increased 0.7% in April, compared to a 0.8% increase in March 2023, and a 1.7% increase in April 2022, according to CUNA’s latest Monthly Credit Union Estimates.

Other mortgage loans led loan growth rising 2.6%, followed by home equity loans (2.6%), unsecured personal loans (1.8%), credit card loans (1.3%), other loans (1.2%), fixed-rate mortgage loans (0.3%), new auto loans (0.3%), used auto loans (0.2%).

On the decline were adjustable-rate mortgage loans declining -1.0% in the month.

Credit union savings balances declined -0.7% in April, compared to a 1.5% increase in March 2023, and 0.7% increase in April 2022. One-year certificates led savings growth in April rising 4.4%, followed by individual retirement accounts (0.1%).