Credit unions nationwide hold $250 billion in first mortgage loans outstanding as of December 2012. This is an increase of nearly $14 billion, or 5.9%, over December 2011.
Overall, the portfolio largely consisted of fixed rate loans, with 61.7% of all first mortgage loans outstanding falling into this category. The concentration of fixed rate loans less than 15 years increased 2.5 percentage points; while longer-term loans fell by almost the same amount. In all, just one-third of the first mortgage loan portfolio consisted of fixed rate loans greater than 15 years.
Balloon/Hybrid loans account for the second largest share of first mortgage loans outstanding, accounting for 23.8% of the portfolio, down 90 basis points from 2011. Adjustable rate mortgages fill out the rest of the portfolio, accounting for a total of 14.5% of outstanding first mortgage balances in 2012.
FIRST MORTGAGE COMPOSITION
DATA AS OF DECEMBER 31, 2012
© Callahan & Associates | www.creditunions.com
|
Mortgage Type |
2012 |
Composition |
2011 |
Composition |
|
Fixed Rate > 15 Years |
$83,333,514,299 |
33.3% |
$82,583,391,978 |
35.0% |
|
Fixed Rate 15 Years or less |
$69,277,566,525 |
27.7% |
$59,491,387,446 |
25.2% |
|
Balloon/Hybrid > 5 Years |
$23,081,284,713 |
9.2% |
$21,499,104,141 |
9.1% |
|
Balloon/Hybrid 5 Years or less |
$36,396,198,269 |
14.6% |
$36,885,967,351 |
15.6% |
|
Other Fixed Rate |
$1,735,106,388 |
0.7% |
$1,521,718,594 |
0.6% |
|
Adjustable Rate 1 Year or less |
$7,487,218,349 |
3.0% |
$6,875,530,640 |
2.9% |
|
Adjustable Rate 1 Year or less |
$28,751,745,290 |
11.5% |
$27,214,952,002 |
11.5% |
|
Totals |
$250,062,633,833 |
100.0% |
$236,072,052,152 |
100.0% |
Generated by Callahan & Associates' Peer-to-Peer Software.