Firefighter Credit Union Newsroom

MCLEAN, Va.--The 30-year fixed-rate mortgage averaged 6.65% this week, a slight decrease from last week's 6.6, Freddie mac reported. “The 30-year fixed-rate mortgage ticked down by two basis points this week,” said Sam Khater, Freddie Mac’s chief economist. “Recent mortgage rate stability continues to benefit potential buyers this spring, as reflected in the uptick in purchase applications.” Freddie Mac noted: The  30-year FRM  averaged 6.65% as of March 27, 2025, down from last week when it averaged 6.67%. A year ago at this time, the 30-year FRM averaged 6.79%. The  15-year FRM  averaged 5.89%, up from last week when it averaged 5.83%. A year ago at this time, the 15-year FRM averaged 6.11%.

The Federal Reserve, often referred to as the Fed, is the central banking system of the United States. Established in 1913 by the Federal Reserve Act, the Federal Reserve serves several crucial functions in the U.S. economy. Here are the main aspects of the Federal Reserve:  Visit NCOFCU's YouTube channel for more. "Video Mini's" The NCOFCU "Video Minis" are a series of concise 2-3 minute video presentations designed to deliver valuable insights and knowledge on key topics relevant to credit unions. Each video focuses on a specific subject, providing viewers with essential information in a brief and engaging format. These mini-presentations cover a range of subjects. Perfect for busy professionals seeking quick yet impactful content, the Video Minis make it easy to stay informed and enhance your credit union's operations and member services. Join us in exploring these informative and dynamic learning opportunities!

WASHINGTON—A new  executive order  from President Donald Trump bans paper checks as a form of payment for the federal government. The order was signed noting that Treasury checks are often reported stolen, and face other issues. The order also notes that payments made  to  the federal government are also modernizing. “Check fraud is a perennial concern for the banking industry, growing in recent years – reports doubled from 2021 to 2022. Target stores announced last year that they would stop accepting paper checks,” the Independent Community Bankers of America pointed out. “It's a great sign that the government is leading the way toward reduced check usage by phasing out paper checks for government payments,” said ICBA payments expert Scott Anchin, noting that consumers and financial institutions should maintain the ability to determine appropriate payment mechanisms for specific cases.  ABA President and CEO Rob Nichols said his organization welcomes President ...

Technology is evolving at lightning speed. If credit unions want to stay relevant and serve their members like rockstars, it’s time to think ahead. While this may sound daunting, it’s actually a thrilling time to be in the financial services business—especially as a credit union. By diving into cloud-based banking, embracing AI to handle manual, repetitive tasks, and doubling down on data security, credit unions can improve their members’ lives, and set themselves up for long-term success. Below are five ways credit unions stay ahead of the competition, no matter what comes next. 1. Embracing cloud-based banking When it comes to the future, transitioning to a cloud-based banking platform is one of the most significant steps a credit union can take, especially in terms of scalability and flexibility. Cloud platforms provide the infrastructure necessary for credit unions to efficiently manage operations, reduce IT costs, and respond quickly to market changes. As if all that wasn’t enough...

WASHINGTON–When the Fed opted not to raise rates last his week after expressing concerns over lingering inflation—while also stating it sees strength in the economy—there is another word it “dreads” but also didn’t mention, according to a new report. That word? Stagflation, an “an economic curse that is hard to escape.” Stagflation is the term used for a combination of high inflation, stagnant economic growth, and high unemployment. “Eager to soothe worried investors, businesses and consumers, the Fed urged caution about getting too worked up about its forecast, noting that inflation caused by tariffs may not be long lasting,” said CNN in an analysis released after the Fed adjourned this week. “Nevertheless, there’s no cocktail a central banker hates more than high unemployment mixed with high inflation.” Wall Street Gets Jitters The report noted that Wall Street has already begun to sound the alarm about stagflation, Fed Chair Jerome Powell has remained relatively “sanguine.”  “Bu...

By Ray Birch LAKE FOREST, Ill.—Credit unions seeking to avoid a liquidity crunch this year must pay attention to one key fact: deposit rates are now a function of Treasury rates. To protect and gain deposits, CUs must price deposit services with high rates to match government rates, explained Michael Moebs, economist and chair of Moebs $ervices (see graph showing average T-bond rates are all over 4%.) “The U.S Treasury is a competitor you can no longer avoid,” Moebs said. “Rates for transaction accounts, like interest checking and savings, need to be markedly higher for 20% of consumers who hold 80% of the balances for these services.” In March 2023, the Federal Reserve, not the FDIC, bailed out Silicon Valley Bank, guaranteeing all deposits with 90% exceeding the maximum FDIC insurance limits, Moebs pointed out. “Deposit insurance established in June 1933 was forever transformed. Sure, deposit insurance still exists, but is viewed by consumers and small businesses to have a new partne...

  Recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty around the economic outlook has increased. The Committee is attentive to the risks to both sides of its dual mandate. In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. Beginning in April, the Committee will slow the...