CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Schenk gives insight to Fox Business on expected mortgage increase
Policy & Issues

Schenk gives insight to Fox Business on expected mortgage increase

October 7, 2021
CUs’ mortgage market share continues to rise

October rates will continue to follow recent mortgage rate spikes, CUNA Chief Economist Mike Schenk said during a recent interview with Fox Business. 

"We expect longer rates to rise, but only modestly," said Schenk. "At the end of the fourth quarter we expect the 10-year to be right around 1.5%, so that would put the 30-year mortgage rate at about a little bit north of three."

According to Freddie Mac data, the average 30-year interest rate currently sits at 2.99% and the 15-year annual percentage rate is currently 2.23%, while rates are rising for loans on single-family homes,

Schenk predicts that rates will increase “slow and steady,” as will home prices. 

""It’ll increase confidence and, I think, increase the demand for housing. On the other side of the equation, more than likely, in the month of October and in the near future beyond October, continue to wrestle with supply-side issues. And so if you put those two things together, higher demand and then soft supply, that would suggest to me that price increases would be more likely than decline,” he said.

Though what seems to a housing bubble situation given the price climb during the pandemic, Schenk explained that it is unlikely to see a "bubble burst" as in 2007.

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • Compliance: FinCEN issues issue BOI reporting guidance

  • Bill would establish ‘appropriate compliance timeline’ for section 1071

  • CUNA Mascot Madness: One semifinal set; Vote for the best in the West

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which South Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us