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Savings Increase as Loan Growth Hits Five-Year Low

CUNA Chief Economist Bill Hampel pointed out that loan growth as of June was the weakest year-to-date it has been in the last five years while savings growth is the strongest in the last four years.

By Staff Writer | Updated on August 14, 2007

WASHINGTON — CUNA Chief Economist Bill Hampel pointed out that loan growth as of June was the weakest year-to-date it has been in the last five years while savings growth is the strongest in the last four years.

According to CUNA’s Monthly Credit Union Estimates, loan growth for the year through June was just 2.93% and just 1% in June. Other mortgage loans lead the way in June with a 2.1% increase followed by fixed-rate mortgages at 2%, unsecured personal (1.9%), adjustable-rate mortgages (1.6%), home equity loans (1.4%), credit cards (1.1%) and used auto loans (0.9%). Other loans and new auto loans were down 0.8%, and 0.4%, respectively.

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