Bill Emerson, Quicken Loans CEO, sat in for an interview with CNBC to talk about the future of the housing market in light of the looming potential Federal Reserve interest rate hike.

The question on the industry’s mind: when will the Fed raise interest rates? There’s only two meeting left this year, with one in November and one in December.

In the interview, Emerson answers the question, “will they raise in December?" In his reposnse, he notes that he doesn't think it will happen in November.

Emerson, however, answers the even bigger question in the interview, "what will happen to the housing market if the Fed does raise rates?"

His quick response, “You know, I don’t think anything is going to happen.”

“We saw the Fed raise interest rates earlier this year, and it has very little effect on mortgage rates,” he said.

Instead, he explained that what’s really going to effect mortgage rates is how the 10-year respond to what happens with the Fed raising interest rates.

More importantly, regardless of the Fed raising interest rate, Emerson added that if you are in the marketplace, you should take advantage of it now since rates are at an all-time low.

Watch the full interview with the Quicken Loans CEO below.