The financial landscape is shifting rapidly, and with the Federal Reserve cutting rates by 50 basis points in September and 25 basis points this month, a refinancing wave isn't just a possibility – it's an inevitability. As consumers and loan officers launch back into a lending mindset after two years of high rates and conservative behavior, credit unions have a tremendous opportunity to grow their books and enhance their member relationships and experiences. The full impact of these rate changes may take some time to materialize, and the race won't start next month, but the groundwork laid now will determine who stays ahead.
|

What’s Coming?

When rates drop, as seen in the recent cut from the Federal Reserve, it often signals a healthier economy. This reviving economy typically boosts consumer confidence, resulting in increased consumer spending and lending activity in areas such as goods and services, mortgages, auto loans and other sectors of non-essential spending. With this upswing in consumer activity, credit unions face an urgent choice: Prepare now or risk losing volume and market share to their competitors later.