Recent economic indicators and positive sounds from the Federal Open Markets Committee have pointed to the inevitability of a rising federal funds rate, but no one knows for sure when that's going to happen. However, CUNA experts have a definitive view of both when that rate will rise, as well as how high the rate is likely to go.

"We believe the Fed will act sooner rather than later and that the first move will come in June with a jump of up to 25 basis points," CUNA Vice President of Economics and Statistics Mike Schenk said.  "That will be a shot across the bow and send a message to the market that we're serious about this, and that it's coming and coming soon. "

Schenk predicted that subsequent increases of 25 basis points will be announced during the FOMC meetings in September, October and November, for a total Fed fund rate increase of 1% by year-end 2015. The Fed fund rate will continue to rise in a similar manner throughout next year, he predicted, for a total increase of 2% by year-end 2016.