WASHINGTON (8/8/13)--Consumer credit rose a seasonally adjusted 6% or $13.8 billion in June, for a total of $2.8 trillion borrowed during the month, said the Federal Reserve's Consumer Credit report. Money borrowed from credit unions totaled $251.5 billion.
The Fed released the report Wednesday.
The overall credit increase is less than the $15 billion expected by economists polled by Reuters (Aug. 7). Consumers took out loans for items such as cars and education, but used their credit cards more frugally.
At credit unions, borrowing increased by $2.6 billion from the $248.8 billion borrowed in May. That compares with $231.2 billion in second quarter last year, said the report.
Revolving credit, which includes credit card spending, decreased in June by 3.8% or $2.7 billion to $853.6 billion. That compares with $856.3 billion in May and $844.3 billion during second quarter of 2012.
Credit unions' revolving credit increased slightly to $40.1 billion, from $39.8 billion in May and $37.4 billion in second quarter 2012.
Nonrevolving credit--such as loans for cars, mobile homes and college tuition--rose 7.5% or $16.5 billion to $1.99 trillion in June. That compares with $1.98 trillion in May and $1.85 trillion during second quarter of last year.
Credit unions loaned out $211.4 billion in nonrevolving loans in June, an increase over $209.2 billion in May and $193.8 billion in second quarter 2012.
WASHINGTON (8/8/13)--U.S. mortgage applications inched up 0.2% last week from one week earlier, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
The Market Composite Index--a measure of mortgage loan application volume--increased 0.2% for the week ending Aug. 2 on a seasonally adjusted basis. On an unadjusted basis, the index was essentially unchanged.
The Refinance Index was unchanged. The seasonally adjusted Purchase Index rose 1%, while the unadjusted Purchase Index increased 1% and was 8% higher than the same week one year ago.
The refinance share of mortgage activity was unchanged at 63% of total applications. The adjustable-rate mortgage share of activity remained constant at 6%. Home Affordable Refinance Program refinancing applications decreased to 36% from 37%.
The average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances ($417,500 or less) rose to 4.61% from 4.58%. Points increased to 0.42 from 0.38-including--the origination fee--for 80% loan-to-value ratio loans.