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Daily Rate Comparison |
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| Deposit Products | Credit Unions | Bank Average | Difference |
|---|---|---|---|
| 12 Month CD $10,000 | 0.57% | 0.41% | 0.16% |
| Personal Savings $1,000 | 0.27% | 0.16% | 0.11% |
| Personal Interest Checking $2,500 | 0.39% | 0.19% | 0.20% |
| NSF Fee | $26.68 | $29.26 | $-2.58 |
| Personal MMDA $2,500 | 0.23% | 0.15% | 0.08% |
| Business MMDA $2,500 | 0.23% | 0.13% | 0.10% |
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| Consumer Loan Products | Credit Unions | Bank Average | Difference |
| Unsecured Personal Loan - $5000 - 4 Years | 10.55% | 10.60% | -0.05% |
| New Auto Loan - 5 Years | 3.42% | 4.89% | -1.47% |
| Used Auto Loan - 2 year Old - 4 Years | 3.55% | 5.14% | -1.59% |
| HELOC - 80% LTV - $50000 | 4.36% | 4.65% | -0.29% |
| HE Loan - 80% LTV - $50000 - 15 Years | 6.38% | 6.67% | -0.29% |
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| Mortgage Loan Products | Credit Unions | Bank Average | Difference |
| 30 Year Fixed Conforming | 3.93% | 3.92% | 0.01% |
| 30 Year Fixed Jumbo | 4.42% | 4.37% | 0.05% |
| 5/1 Year ARM Conforming | 2.91% | 3.13% | -0.22% |
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| Credit Card Products | Credit Unions | Bank Average | Difference |
| Platinum | 9.53% | 12.63% | -3.10% |
| Annual Fee | $31.50 | $34.95 | $-3.45 |
| Maximum Late Fee | $24.92 | $34.62 | $-9.70 |
| Reward | 10.16% | 13.18% | -3.02% |
| Annual Fee | $27.56 | $107.77 | $-80.21 |
| Maximum Late Fee | $23.35 | $33.40 | $-10.05 |
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| Indirect Auto Loan Products | Credit Unions | Bank Average | Difference |
| Indirect A Tier New Auto Loan - 5 Years | 4.24% | 4.39% | -0.15% |
| Indirect B Tier New Auto Loan - 5 Years | 6.11% | 6.17% | -0.06% |
| Indirect C Tier New Auto Loan - 5 Years | 8.28% | 8.13% | 0.15% |
Averages displayed are straight averages of all institutions within the Informa Research Services database for the selected region as of Thursday, February 02, 2012. For detailed disclosures click here.
Market News
MADISON, Wis. (2/3/12)- Initial U.S. claims for unemployment benefits declined last week, indicating that the labor market is continuing on its upward trend that began in the fall (The Wall Street Journal and Bloomberg.com Feb. 2). Claims fell 12,000--to 367,000--for the week ended Jan. 28, the Labor Department said Thursday. Companies are reducing the pace of job cuts as the world's biggest economy gains momentum--a requisite step to garner larger employment gains, Bloomberg said. However, continuing labor market improvement remains tenuous with economic growth expected to slow early this year and stay modest for the remainder of 2012, the Journal said. In a related matter, U.S. employers announced 53,486 job cuts in January--the highest total since September 2011--and a 39% increase from January 2011, according to the Challenger Report by Challenger, Gray and Christmas Inc. (Moody's Economy.com Feb. 2). January generally is a month of heavy job cuts, Moody's said …
- Buoyed by an increased appetite for discounted merchandise and better spending confidence, several U.S. retailers Thursday reported solid January sales (The Wall Street Journal Feb. 2). The 20 retailers tracked by Thomson Reuters recorded 4.2% growth is same store sales last month, when 2% was forecast--compared with 4.8% the same time last year. Costco Wholesale Corp. and Target Inc. posted robust gains, while Macy's Inc. fell short of expectations, the Journal said. For most retailers, January is the final month of the fourth quarter and the lightest month for that period. However, merchants often reveal in January how well their merchandise clearances performed and provide an initial reading on how well spring products introduced during the month are doing, the Journal said …
- For the second consecutive week, U.S. consumer confidence improved, with citizens less dour about the prospects for the economy, according to the Bloomberg Consumer Comfort Index (Bloomberg.com and Moody's Economy.com Feb. 2). The index rose to -44.8 for the week ended Jan. 29 from -46.4 the prior week. Also, a gauge of consumers' views of the state of the economy climbed to its highest level since June. However, despite gauging a slow improvement in the fundamentals in the economy, the index has not significantly changed since 2008--indicating consumers continue to remain cautious, Moody's said …
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News of the Competition
MADISON, Wis. (2/3/12)- Rates for 30-year, fixed-rate mortgages fell this week to the lowest level on record in the wake of the Obama administration's announcement of procedures to make it easier for homeowners to refinance and shrink their monthly mortgage payments (Bloomberg.com Feb. 2). The average rate dropped to 3.87%--the lowest on record going back to 1971--in the week ended Feb. 2 from 3.98% the prior week, Freddie Mac said Thursday. Also, the average 15-year, fixed-rate mortgage decreased to 3.14% from 3.24% …
- Federal regulators downgraded banks' supervisory ratings twice as frequently as state regulators did, according to a new study that analyzed data from 15 years of state-chartered bank examinations (American Banker Feb. 2). The study also found that after federal exams, state banks reported higher levels of regulatory capital, more nonperforming loans and lower returns on assets. Moreover, states with more lax supervision relative to federal regulators had a higher rate of bank failures and more banks on the Federal Deposit Insurance Corp.'s problem list. Report researchers say this result could be partly because state banking departments may cater to banks in their state because they depend on the fees these banks pay--"regulatory capture" ….
- CitiMortgage on Wednesday told its loan brokers that it will discontinue table funding loans next week while it prepares to leave the market (American Banker Feb. 1). Most mortgage workers in the wholesale division will be absorbed into the firm, a spokesman for the mortgage unit of the sixth biggest U.S. residential wholesaler, told the Banker. The company will honor rate locks that come in by this Wednesday. Table funding is a lending method employed when a loan originator does not have access to the money necessary to make loans and then holds them until it has enough to sell on the secondary market. As a result, the originator forms a relationship with a lender who provides the funds for closing and immediately takes an assignment of the loan ...
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Copyright © 2012 Credit Union National Association
News Now LiveWire
- A Maine Legislature committee voted "ought to pass" on an amendment proposed by the Maine CU League to a mortgage bill. - 5 hours ago
- An article about Financial Partners CU's agreement to provide surcharge-free ATMs at Walgreens in Cal. was the most read News Now in Jan. - 5 hours ago
- Elevations CU in Boulder, Colo., was awarded a 10-year contract to provide banking services to the University of Colorado's Boulder campus. - 5 hours ago
- S&P's affirmed CMG Mortgage Insurance Co. BBB rating, w/ negative outlook; says co.'s results improved faster @ more stable rate than peers. - 9 hours ago
- Judge in NCUA's MBS lawsuit vs. Wachovia orders NCUA to show cause why suit 'should not be dismissed for lack of prosecution.' - 9 hours ago
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