NAFCU's Tun Wai and CUNA's Steve Rick both understand why credit unions are booking more mortgages: secondary market prices are deeply discounted, and consumer loans not only bring credit risk, demand for them is low, too.

However, the two economists disagree whether holding mortgages is good balance sheet strategy.

NAFCU's top economist said he'll warn credit unions about interest rate risk during sessions at the trade's annual conference. Wai predicted the Fed Fund rate will remain at 0.25% for the rest of the year, but said at some point, cost of funds will rise.

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