Nation-wide, mortgage originations were down as of year-end 2006. As interest rates have risen, less mortgages were applied for and given to individuals across the country. The 2007 forecast points to another decrease in originations as well.
With this decrease nation-wide, it is easy to understand why credit union mortgage originations were down as of year-end 2006. Despite originations declining, they decreased less for credit unions than they did for banks. Therefore, credit unions were able to gain in mortgage market share, up to 2.2%.