Embracing ARMs And Battling Members’ Misconceptions
With adjustable-rate mortgages back in fashion, credit unions are educating members about the ins and outs of these products, dispelling misunderstandings along the way.
With adjustable-rate mortgages back in fashion, credit unions are educating members about the ins and outs of these products, dispelling misunderstandings along the way.
Elevated interest rates make fixed-rate mortgages less attractive to borrowers. In today’s environment, adjustable-rate and balloon/hybrid options offer more attractive payments and short-term flexibility.
The Federal Reserve is projected to cut rates several times in 2024; however, soaring prices and dwindling savings still leave Americans with little incentive to make a big purchase.
As the market shifts and borrowing costs rise, adjustable-rate home loans are becoming popular once again.
Credit union mortgage market share is largely unchanged from one year ago; however, the percentage of adjustable-rate loans has jumped substantially.
Secondary market sales of burgeoning credit union mortgage share remains dominant, but credit unions are selling more loans to each other, too.
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PenFed’s large stake in unusual adjustable rate mortgages helps defend against rate hikes while bolstering its bottom line.
What are credit unions doing to increase their visibility in the mortgage market?
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