Best Financial Advisors in Upper Marlboro, MD

Should you wait to buy a house until next year? Fannie Mae recently released a housing forecast that predicts the rate on a 30-year fixed mortgage will fall to an average 4.5% in 2023. In light of this report, CNBC asked me how I might advise one of my Millennial clients. Here's how journalist Greg Iacurci summarized my response: "More broadly, consumers should largely avoid using mortgage estimates like Fannie Mae’s as a guide for their buying decisions, [Kevin Mahoney, a certified financial planner based in Washington, D.C.] added. Personal circumstances and desires should be the primary driver for financial choices; further, such predictions can prove to be wildly inaccurate, he said. 'You could chase better numbers for years on end in some cases if things don’t go your way,' said Mahoney, founder and CEO of Millennial-focused financial planning firm Illumint. But prospective buyers can perhaps risk waiting if they don’t have a rigid timeline for a purchase and have cushion in their budgets in case mortgage rates don’t move as projected, Mahoney added." Ultimately, I also echo what Keith Gumbinger, vice president of HSH, a market research firm, concluded in the article: “Take forecasts with a grain of salt. If you’re participating in the marketplace, interest rates are important but might not be the most important component."...