During May, there were up ticks in shoppers for both deposits and home loans, while demand for credit cards slowly angled downward. May performance shows us how rough a year it has been with almost all segments down in terms of year-over-year volume. Even though deposits and home equity have achieved large gains over the previous month, both segments are far from the momentum of last year.
- The credit card industry again saw slow decline from April with a –1% decline in shoppers and a -7% decline in applicants. Conversion also declined 2% over the previous month as the credit card market seems to angle downward.
- Deposits had big gains across both checking and savings (including high yield savings). Shopper volume increased across the board while both Savings and High Yield Savings saw more than 20% gains in terms of applicants. These gains however still fall short of the deposits market a year ago.
- Home Loans took a large step back during May. After posting small gains in April for applications, all three segments took a hit, the largest being a decrease of -38% in refinance mortgage. Even though home equity, purchase, and refinance increased shopper traffic during May, shoppers were less likely to complete any leads or applications.