Banks and credit unions are competing closely in nearly all loans with the exception of auto loans.
According to rate tracking firm Informa Research Services Inc. of Calabasas, Calif., credit unions had an average rate of 3.92% on five-year, new auto loans compared to banks at 5.39% as of June 14. With two-year to four-year, used auto loans, credit unions had an average rate 4.05% and banks' average rate was 5.64%.
Meanwhile, the gaps are not as wide in other loans. On a 30-year, fixed conforming mortgage loan, credit unions had an average rate of 4.58% with banks close behind at 4.53%. The same was true with 30-year fixed jumbo loans with credit unions at 5.03% and banks at 5.05%.
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