The volume of mortgage applications continues to rise as interest
rates have dropped to a 30 year low. First mortgage originations
have also continued at peak levels, reaching $26.7 billion as of
June 2002. This amount surpasses first mortgage originations for
all of 2000, and represents a 39% increase over the same period
one year ago. But will credit unions increase their share of the
growing mortgage market in 2002?
2002 credit union mortgage activity has continued at the furious
pace set in the last six months of 2001. Mid-year numbers show that
credit union real estate loans have reached $39.8 billion. Compared
to the same period last year, this represents a 41% increase over
the $28.1 billion in mortgages originated as of June 2001. This
amount is also slightly above the record level of $39.2 billion
in mortgages originated during the second half of last year.