A hypothetical. You're living in Leesburg VA and considering buying a home, maybe Leesburg, Ashburn or some other area in Loudoun County. The problem is that the interest rate is close to 6.5%.
Guidance from Fannie Mae is predicting the interest rate to be 4.5% next year.
So the question is... do you buy now with a loan at 6.5% or wait until next year when rates might be at 4.5%.
I ran this exact scenario with Mike Farrel with Main Street Home Loans.
We made some assumptions, but If you have a long term horizon, you will have saved over $70,000 by purchasing now instead of waiting until next year!