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Coming out of the most unprecedented times most of us will ever experience, it can be challenging to look forward with confidence. With ever-evolving economic conditions through the pandemic, many credit unions are wondering how to anticipate the next trends and find opportunities to serve more members.
When it comes to mortgage lending through the pandemic, the market saw a surge in both purchase loans and refinances due to record low interest rates. Before COVID-19, mortgage interest rates averaged 3.65% in January 2020, Freddie Mac reported. They hit their lowest level ever during the first week of 2021 at 2.656% and have climbed only modestly to 2.90% as of July.
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